8-K - INSM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2025

INSMED INCORPORATED

(Exact name of registrant as specified in its charter)

Virginia	000-30739	54-1972729
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
700 US Highway 202/206<br><br> <br>Bridgewater, New Jersey	08807<br><br> (Zip Code)
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(Address of principal executive offices)

Registrant’s telephone number, including area code: (908) 977-9900

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	INSM	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02	Results of Operations and Financial Condition.

On February 20, 2025, Insmed Incorporated issued a press release regarding its financial results for the three months and fiscal year ended December 31, 2024. A copy of this press release is furnished herewith as Exhibit 99.1 pursuant to this Item 2.02. The slide presentation to be used during the conference call referenced in the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information contained herein, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 5.02	Departure of Directors or Certain Officers; Election of Directors; Appointment of<br> Certain Officers; Compensatory Arrangements of Certain Officers.

On February 18, 2025, Alfred Altomari notified the board of directors (the “Board”) of the Company that he will not stand for re-election to the Board upon the expiration of his current term as a Class I director, which occurs at the Company’s 2025 Annual Meeting of Shareholders (the “Annual Meeting”). Mr. Altomari will continue to serve as a member of the Board and of the Audit Committee and Compensation Committee of the Board until the Annual Meeting. Mr. Altomari’s decision not to stand for re-election to the Board was not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

ITEM 9.01	Financial Statements and Exhibits.

(d) Exhibits

Exhibit<br><br> <br>No.	Description
99.1	Press release issued by Insmed Incorporated on February 20, 2025.
99.2	Insmed Incorporated February 20, 2025 Presentation.
104	Cover Page Interactive Date File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 20, 2025	INSMED INCORPORATED
	By:	/s/ Michael A. Smith
	Name:	Michael A. Smith
	Title:	Chief Legal Officer and Corporate Secretary

Exhibit 99.1

Insmed Reports Fourth-Quarter and Full-Year 2024 Financial Results and

Provides Business Update

—ARIKAYCE^®^ (amikacin liposome inhalation suspension) Total Revenue of $104.4 Million for Fourth-Quarter and $363.7 Million for Full-Year 2024, Reflecting 19% Annual Growth and Exceeding the Upper End of Full-Year 2024 Guidance Range—

—Company Reiterates 2025 Global ARIKAYCE Revenue Guidance of $405 Million to $425 Million, Reflecting Double-Digit Growth Compared to 2024—

—NDA for Brensocatib in Patients with Bronchiectasis Accepted by FDA and Granted Priority Review with a PDUFA Target Action Date of August 12, 2025—

—Phase 2b Study of TPIP in Patients with PAH, Phase 2b BiRCh Study of Brensocatib in Patients with CRSsNP, and Phase 3 ENCORE Study of ARIKAYCE Remain on Track for Topline Data in Mid-2025, End of 2025, and First Quarter of 2026, Respectively—

—Company Ends 2024 with Approximately $1.4 Billion of Cash, Cash Equivalents, and Marketable Securities—

BRIDGEWATER, N.J., February 20, 2025 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today reported financial results for the fourth quarter and full year ended December 31, 2024 and provided a business update.

“As we report on the most important year in Insmed’s history, we feel we are in a rare position in our industry, with extraordinary opportunities ahead. Our success across all areas of the business in 2024—most notably the delivery of positive data from the landmark Phase 3 ASPEN study of brensocatib in bronchiectasis—has positioned us to potentially reach many more patients suffering from serious diseases, and resulted in significant value creation,” said Will Lewis, Chair and Chief Executive Officer of Insmed. “In 2025, we look forward to delivering the highly anticipated U.S. launch of brensocatib, pending FDA approval, and we are delighted to be one step closer to achieving that goal with the FDA’s acceptance of our NDA with Priority Review. Simultaneously, we expect to continue to advance our robust mid- to late-stage pipeline while generating double-digit worldwide revenue growth for ARIKAYCE. We believe that Insmed's strong balance sheet and unique company culture will enable us to deliver on behalf of patients in need.”

Recent Progress and Anticipated Milestones by Program:

ARIKAYCE

•	ARIKAYCE global revenue grew 19% in 2024 compared to 2023, reflecting continued strong growth in the U.S., Japan, and Europe.
•	In the fourth quarter of 2024, the Company completed enrollment in the Phase 3 ENCORE study for patients with newly diagnosed or recurrent Mycobacterium avium complex (MAC) lung disease who had not started antibiotics. Total enrollment in the study was 425 patients.
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•	The Company continues to anticipate a topline readout for ENCORE in the first quarter of 2026, with the submission of a supplementary new drug application (sNDA) to the FDA for ARIKAYCE in all<br> patients with MAC lung disease in the U.S. expected later in 2026.
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Brensocatib

•	In February 2025, the FDA accepted the Company’s New Drug Application (NDA) for brensocatib for patients with bronchiectasis and granted the application Priority Review with a Prescription Drug User<br> Fee Act (PDUFA) target action date of August 12, 2025. Insmed continues to expect brensocatib will launch in the U.S. in the third quarter, if approved.
•	Regulatory submissions for brensocatib in the EU, UK, and Japan are planned for 2025, with commercial launches anticipated in 2026, pending approval in each territory.
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•	The Phase 2b BiRCh study of brensocatib in patients with chronic rhinosinusitis without nasal polyps (CRSsNP) remains on track to report topline results by the end of 2025.
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•	The Company has initiated dosing of patients in the Phase 2b CEDAR study of brensocatib in patients with hidradenitis suppurativa (HS).
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TPIP

•	Insmed presented additional lung imaging data from the Phase 2a study of treprostinil palmitil inhalation powder (TPIP) in pulmonary hypertension associated with interstitial lung disease (PH-ILD) at<br> the Pulmonary Vascular Research Institute’s 2025 Annual World Congress on February 1, 2025.
o	Treatment with TPIP resulted in a significant increase in the fraction of blood volume in small arteries and a directional improvement in small-to-large artery volume ratio versus placebo, suggesting<br> small vessel vasodilation and improved pulmonary arteriole recruitment.
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o	In addition, a numerical decrease in high-attenuation abnormality score was observed in patients treated with TPIP.
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•	The Company plans to initiate a Phase 3 study of TPIP in patients with PH-ILD in the second half of 2025.
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•	Enrollment in the Phase 2b study of TPIP in pulmonary arterial hypertension (PAH) completed in December 2024, with 102 patients randomized. Insmed continues to anticipate topline data from the study<br> in the middle of 2025, ahead of the anticipated U.S. launch of brensocatib.
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Gene Therapy

•	The Company received clearance from the FDA for its investigational new drug (IND) application for INS1201, an intrathecally-delivered gene therapy for patients with Duchenne muscular dystrophy<br> (DMD), in December 2024.
•	Insmed plans to initiate a clinical study of INS1201 in the first half of 2025.
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•	The Company’s next two gene therapy candidates, which target amyotrophic lateral sclerosis (ALS) and Stargardt disease, are currently advancing toward the clinic.
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Pre-Clinical Programs

•	Insmed’s research efforts include more than 30 identified pre-clinical programs in development, all of which have the potential to become first-in-class or best-in-class therapies for the indications<br> being pursued.
•	The Company anticipates submitting an average of one to two INDs per year from its pre-clinical research program.
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•	Insmed continues to anticipate the totality of its pre-clinical research programs will comprise less than 20% of overall expenditure.
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Fourth-Quarter and Full-Year 2024 Financial Results

•	The following table summarizes fourth-quarter and full-year 2024 and 2023 revenues and revenue growth for ARIKAYCE across all commercial regions:
	Three Months Ended<br><br> <br>December 31,							Twelve Months Ended<br><br> <br>December 31,
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(in millions)	2024		2023		Growth			2024		2023		Growth
U.S.	$	67.8	$	58.3		16.4	%	$	254.8	$	224.2		13.7	%
Japan		30.7		21.0		46.6	%		87.7		65.7		33.4	%
Europe & Rest of World		5.9		4.5		32.5	%		21.2		15.3		38.8	%
Total Revenues	$	104.4	$	83.7		24.8	%	$	363.7	$	305.2		19.2	%
•	Cost of product revenues (excluding amortization of intangibles) was $26.2 million for the fourth quarter of 2024, compared to $18.4 million for the fourth quarter of 2023. For the full-year 2024,<br> cost of product revenues (excluding amortization of intangibles) was $85.7 million compared to $65.6 million for the full-year 2023. The increase in cost of product revenues in the fourth-quarter and full-year primarily reflects growth in<br> ARIKAYCE sales.
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•	Research and development (R&D) expenses were $179.7 million for the fourth quarter of 2024, compared to $137.0 million for the fourth quarter of 2023. For the full-year 2024, R&D expenses<br> were $598.4 million compared to $571.0 million for the full-year 2023. The increase in R&D expenses for the fourth-quarter and full-year was primarily related to increases in compensation and benefit-related expenses, as well as<br> stock-based compensation, due to an increase in headcount.
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•	Selling, general and administrative (SG&A) expenses for the fourth quarter of 2024 were $142.5 million, compared to $89.5 million for the fourth quarter of 2023. For the full-year 2024, SG&A<br> expenses were $461.1 million, compared to $344.5 million for the full-year 2023. The increase in SG&A expenses for the fourth-quarter and full-year was primarily related to increases in compensation and benefit-related expenses, as well<br> as stock-based compensation, due to an increase in headcount in preparation for the anticipated launch of brensocatib in the U.S., pending regulatory approval.
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•	For the fourth-quarter 2024, Insmed reported a net loss of $235.5 million, or $1.32 per share, compared to a net loss of $186.1 million, or $1.28 per share, for the fourth-quarter 2023. For the<br> full-year 2024, Insmed reported a net loss of $913.8 million, or $5.57 per share, compared to a net loss of $749.6 million, or $5.34 per share, for the full-year 2023.

Balance Sheet, Financial Guidance, and Planned Investments

•	As of December 31, 2024, Insmed had cash, cash equivalents, and marketable securities totaling approximately $1.4 billion.
•	Insmed continues to anticipate full-year 2025 global ARIKAYCE revenues in the range of $405 million to $425 million, representing between 11% and 17% year-over-year growth compared to 2024.
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•	The Company plans to continue to invest in the following key activities in 2025:
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(i)	commercialization and expansion of ARIKAYCE globally;
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(ii)	commercial launch of brensocatib in the U.S., if approved, with advancement of regulatory submissions in the EU, UK, and Japan;
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(iii)	advancement of clinical trial programs for brensocatib, including the ongoing Phase 2b BiRCh study in patients with CRSsNP and the Phase 2b CEDAR study in patients with HS;
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(iv)	advancement of the clinical trial program for ARIKAYCE, which is intended to satisfy the post-marketing requirement for full approval of its current indication and potentially support label expansion<br> to include all patients with a MAC lung infection;
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(v)	advancement of the clinical development programs for TPIP, including the Phase 2b study in patients with PAH and the initiation of a Phase 3 study in patients with PH-ILD;
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(vi)	advancement of the clinical trial program for INS1201 in DMD; and
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(vii)	continued development of its pre-clinical research programs.
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Conference Call

Insmed will host a conference call beginning today, February 20, 2025, at 8:00 AM Eastern Time. Shareholders and other interested parties may participate in the conference call by dialing (888) 210-2654 (U.S. and international) and referencing access code 7862189. The call will also be webcast live on the Company's website at www.insmed.com.

A replay of the conference call will be accessible approximately 1 hour after its completion through February 27, 2025, by dialing (800) 770-2030 (U.S. and international) and referencing access code 7862189. A webcast of the call will also be archived for 90 days under the Investor Relations section of the Company's website at www.insmed.com.

INSMED INCORPORATED

Consolidated Statements of Net Loss

(in thousands, except per share data)

(unaudited)

	Three Months Ended<br><br> <br>December 31,						Twelve Months Ended<br><br> <br>December 31,
	2024			2023			2024			2023
Product revenues, net	$	104,442		$	83,693		$	363,707		$	305,208
Operating expenses:
Cost of product revenues (excluding amortization of intangible assets)		26,151			18,443			85,742			65,573
Research and development		179,727			137,029			598,367			571,011
Selling, general and administrative		142,515			89,530			461,116			344,501
Amortization of intangible assets		1,263			1,263			5,052			5,052
Change in fair value of deferred and contingent consideration liabilities		(14,800	)		15,700			91,682			28,697
Total operating expenses		334,856			261,965			1,241,959			1,014,834
Operating loss		(230,414	)		(178,272	)		(878,252	)		(709,626	)
Investment income		17,257			9,853			53,307			42,132
Interest expense		(21,550	)		(20,784	)		(84,913	)		(81,694	)
Change in fair value of interest rate swap		870			1,970			(236	)		320
Other (expense) income, net		(445	)		2,170			29			1,856
Loss before income taxes		(234,282	)		(185,063	)		(910,065	)		(747,012	)
Provision for income taxes		1,266			998			3,707			2,555
Net loss	$	(235,548	)	$	(186,061	)	$	(913,772	)	$	(749,567	)
Basic and diluted net loss per share	$	(1.32	)	$	(1.28	)	$	(5.57	)	$	(5.34	)
Weighted average basic and diluted common shares outstanding		179,021			144,806			164,043			140,433

INSMED INCORPORATED

Consolidated Balance Sheets

(in thousands, except par value and share data)

			As of
			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	555,030		$	482,374
Marketable securities	878,796			298,073
Accounts receivable	52,012			41,189
Inventory	98,578			83,248
Prepaid expenses and other current assets	37,245			24,179
Total current assets	1,621,661			929,063
Fixed assets, net	80,052			65,384
Finance lease right-of-use assets	18,273			20,985
Operating lease right-of-use assets	17,257			18,017
Intangibles, net	58,652			63,704
Goodwill	136,110			136,110
Other assets	93,226			96,574
Total assets	2,025,231		$	1,329,837
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities	285,209		$	214,987
Finance lease liabilities	2,961			2,610
Operating lease liabilities	9,358			8,032
Total current liabilities	297,528			225,629
Debt, long-term	1,103,382			1,155,313
Royalty financing agreement	161,067			155,034
Contingent consideration	144,200			84,600
Finance lease liabilities, long-term	24,064			27,026
Operating lease liabilities, long-term	9,112			11,013
Other long-term liabilities	499			3,145
Total liabilities	1,739,852			1,661,760
Shareholders' equity:
Common stock, 0.01 par value; 500,000,000 authorized shares,<br> 179,382,635 and 147,977,960 issued and outstanding shares at December 31, 2024 and December 31, 2023, respectively	1,794			1,480
Additional paid-in capital	4,645,791			3,113,487
Accumulated deficit	(4,359,917	)		(3,446,145	)
Accumulated other comprehensive loss	(2,289	)		(745	)
Total shareholders' equity (deficit)	285,379			(331,923	)
Total liabilities and shareholders' equity (deficit)	2,025,231		$	1,329,837

All values are in US Dollars.

About ARIKAYCE

ARIKAYCE is approved in the United States as ARIKAYCE^®^ (amikacin liposome inhalation suspension), in Europe as ARIKAYCE^®^ Liposomal 590 mg Nebuliser Dispersion, and in Japan as ARIKAYCE^®^ inhalation 590 mg (amikacin sulfate inhalation drug product). Current international treatment guidelines recommend the use of ARIKAYCE for appropriate patients. ARIKAYCE is a novel, inhaled, once-daily formulation of amikacin, an established antibiotic that was historically administered intravenously and associated with severe toxicity to hearing, balance, and kidney function. Insmed’s proprietary PULMOVANCE^®^ liposomal technology enables the delivery of amikacin directly to the lungs, where liposomal amikacin is taken up by lung macrophages where the infection resides, while limiting systemic exposure. ARIKAYCE is administered once daily using the Lamira^®^ Nebulizer System manufactured by PARI Pharma GmbH (PARI).

About PARI Pharma and the Lamira^®^ Nebulizer System

ARIKAYCE is delivered by a novel inhalation device, the Lamira^®^ Nebulizer System, developed by PARI. Lamira^®^ is a quiet, portable nebulizer that enables efficient aerosolization of ARIKAYCE via a vibrating, perforated membrane. Based on PARI's 100-year history working with aerosols, PARI is dedicated to advancing inhalation therapies by developing innovative delivery platforms to improve patient care.

About Brensocatib

Brensocatib is a small molecule, oral, reversible inhibitor of dipeptidyl peptidase 1 (DPP1) being developed by Insmed for the treatment of patients with bronchiectasis, chronic rhinosinusitis without nasal polyps, hidradenitis suppurativa, and other neutrophil-mediated diseases. DPP1 is an enzyme responsible for activating neutrophil serine proteases (NSPs), such as neutrophil elastase, in neutrophils when they are formed in the bone marrow. Neutrophils are the most common type of white blood cell and play an essential role in pathogen destruction and inflammatory mediation. In chronic inflammatory lung diseases, neutrophils accumulate in the airways and result in excessive active NSPs that cause lung destruction and inflammation. Brensocatib may decrease the damaging effects of inflammatory diseases such as bronchiectasis by inhibiting DPP1 and its activation of NSPs. Brensocatib is an investigational drug product that has not been approved for any indication in any jurisdiction.

About TPIP

Treprostinil palmitil inhalation powder (TPIP) is a dry powder formulation of treprostinil palmitil, a treprostinil prodrug consisting of treprostinil linked by an ester bond to a 16-carbon chain. Developed entirely in Insmed’s laboratories, TPIP is a potentially highly differentiated prostanoid being evaluated for the treatment of patients with PAH, PH-ILD, and other rare and serious pulmonary disorders. TPIP is administered in a capsule-based inhalation device. TPIP is an investigational drug product that has not been approved for any indication in any jurisdiction.

About INS1201

INS1201 is an investigational micro-dystrophin adeno-associated virus gene replacement therapy that Insmed is developing as a potential treatment for patients with Duchenne muscular dystrophy. Administered intrathecally, this approach has the potential to target both skeletal and cardiac muscles at lower doses. INS1201 is an investigational drug product that has not been approved for any indication in any jurisdiction.

IMPORTANT SAFETY INFORMATION AND BOXED WARNING FOR ARIKAYCE IN THE U.S.

WARNING: RISK OF INCREASED RESPIRATORY ADVERSE REACTIONS<br><br> <br><br><br> <br>ARIKAYCE has been associated with an increased risk of respiratory adverse<br> reactions, including hypersensitivity pneumonitis, hemoptysis, bronchospasm, and exacerbation of underlying pulmonary disease that have led to hospitalizations in some cases.

Hypersensitivity Pneumonitis has been reported with the use of ARIKAYCE in the clinical trials. Hypersensitivity pneumonitis (reported as allergic alveolitis, pneumonitis, interstitial lung disease, allergic reaction to ARIKAYCE) was reported at a higher frequency in patients treated with ARIKAYCE plus background regimen (3.1%) compared to patients treated with a background regimen alone (0%). Most patients with hypersensitivity pneumonitis discontinued treatment with ARIKAYCE and received treatment with corticosteroids. If hypersensitivity pneumonitis occurs, discontinue ARIKAYCE and manage patients as medically appropriate.

Hemoptysis has been reported with the use of ARIKAYCE in the clinical trials. Hemoptysis was reported at a higher frequency in patients treated with ARIKAYCE plus background regimen (17.9%) compared to patients treated with a background regimen alone (12.5%). If hemoptysis occurs, manage patients as medically appropriate.

Bronchospasm has been reported with the use of ARIKAYCE in the clinical trials. Bronchospasm (reported as asthma, bronchial hyperreactivity, bronchospasm, dyspnea, dyspnea exertional, prolonged expiration, throat tightness, wheezing) was reported at a higher frequency in patients treated with ARIKAYCE plus background regimen (28.7%) compared to patients treated with a background regimen alone (10.7%). If bronchospasm occurs during the use of ARIKAYCE, treat patients as medically appropriate.

Exacerbations of underlying pulmonary disease has been reported with the use of ARIKAYCE in the clinical trials. Exacerbations of underlying pulmonary disease (reported as chronic obstructive pulmonary disease (COPD), infective exacerbation of COPD, infective exacerbation of bronchiectasis) have been reported at a higher frequency in patients treated with ARIKAYCE plus background regimen (14.8%) compared to patients treated with background regimen alone (9.8%). If exacerbations of underlying pulmonary disease occur during the use of ARIKAYCE, treat patients as medically appropriate.

Anaphylaxis and Hypersensitivity Reactions: Serious and potentially life-threatening hypersensitivity reactions, including anaphylaxis, have been reported in patients taking ARIKAYCE. Signs and symptoms include acute onset of skin and mucosal tissue hypersensitivity reactions (hives, itching, flushing, swollen lips/tongue/uvula), respiratory difficulty (shortness of breath, wheezing, stridor, cough), gastrointestinal symptoms (nausea, vomiting, diarrhea, crampy abdominal pain), and cardiovascular signs and symptoms of anaphylaxis (tachycardia, low blood pressure, syncope, incontinence, dizziness). Before therapy with ARIKAYCE is instituted, evaluate for previous hypersensitivity reactions to aminoglycosides. If anaphylaxis or a hypersensitivity reaction occurs, discontinue ARIKAYCE and institute appropriate supportive measures.

Ototoxicity has been reported with the use of ARIKAYCE in the clinical trials. Ototoxicity (including deafness, dizziness, presyncope, tinnitus, and vertigo) were reported with a higher frequency in patients treated with ARIKAYCE plus background regimen (17%) compared to patients treated with background regimen alone (9.8%). This was primarily driven by tinnitus (7.6% in ARIKAYCE plus background regimen vs 0.9% in the background regimen alone arm) and dizziness (6.3% in ARIKAYCE plus background regimen vs 2.7% in the background regimen alone arm). Closely monitor patients with known or suspected auditory or vestibular dysfunction during treatment with ARIKAYCE. If ototoxicity occurs, manage patients as medically appropriate, including potentially discontinuing ARIKAYCE.

Nephrotoxicity was observed during the clinical trials of ARIKAYCE in patients with MAC lung disease but not at a higher frequency than background regimen alone. Nephrotoxicity has been associated with the aminoglycosides. Close monitoring of patients with known or suspected renal dysfunction may be needed when prescribing ARIKAYCE.

Neuromuscular Blockade: Patients with neuromuscular disorders were not enrolled in ARIKAYCE clinical trials. Patients with known or suspected neuromuscular disorders, such as myasthenia gravis, should be closely monitored since aminoglycosides may aggravate muscle weakness by blocking the release of acetylcholine at neuromuscular junctions.

Embryo-Fetal Toxicity: Aminoglycosides can cause fetal harm when administered to a pregnant woman. Aminoglycosides, including ARIKAYCE, may be associated with total, irreversible, bilateral congenital deafness in pediatric patients exposed in utero. Patients who use ARIKAYCE during pregnancy, or become pregnant while taking ARIKAYCE should be apprised of the potential hazard to the fetus.

Contraindications: ARIKAYCE is contraindicated in patients with known hypersensitivity to any aminoglycoside.

Most Common Adverse Reactions: The most common adverse reactions in Trial 1 at an incidence ≥5% for patients using ARIKAYCE plus background regimen compared to patients treated with background regimen alone were dysphonia (47% vs 1%), cough (39% vs 17%), bronchospasm (29% vs 11%), hemoptysis (18% vs 13%), ototoxicity (17% vs 10%), upper airway irritation (17% vs 2%), musculoskeletal pain (17% vs 8%), fatigue and asthenia (16% vs 10%), exacerbation of underlying pulmonary disease (15% vs 10%), diarrhea (13% vs 5%), nausea (12% vs 4%), pneumonia (10% vs 8%), headache (10% vs 5%), pyrexia (7% vs 5%), vomiting (7% vs 4%), rash (6% vs 2%), decreased weight (6% vs 1%), change in sputum (5% vs 1%), and chest discomfort (5% vs 3%).

Drug Interactions: Avoid concomitant use of ARIKAYCE with medications associated with neurotoxicity, nephrotoxicity, and ototoxicity. Some diuretics can enhance aminoglycoside toxicity by altering aminoglycoside concentrations in serum and tissue. Avoid concomitant use of ARIKAYCE with ethacrynic acid, furosemide, urea, or intravenous mannitol.

Overdosage: Adverse reactions specifically associated with overdose of ARIKAYCE have not been identified. Acute toxicity should be treated with immediate withdrawal of ARIKAYCE, and baseline tests of renal function should be undertaken. Hemodialysis may be helpful in removing amikacin from the body. In all cases of suspected overdosage, physicians should contact the Regional Poison Control Center for information about effective treatment.

U.S. INDICATION

LIMITED POPULATION: ARIKAYCE^®^ is indicated in adults, who have limited or no alternative treatment options, for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen in patients who do not achieve negative sputum cultures after a minimum of 6 consecutive months of a multidrug background regimen therapy. As only limited clinical safety and effectiveness data for ARIKAYCE are currently available, reserve ARIKAYCE for use in adults who have limited or no alternative treatment options. This drug is indicated for use in a limited and specific population of patients.

This indication is approved under accelerated approval based on achieving sputum culture conversion (defined as 3 consecutive negative monthly sputum cultures) by Month 6. Clinical benefit has not yet been established. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

Limitation of Use: ARIKAYCE has only been studied in patients with refractory MAC lung disease defined as patients who did not achieve negative sputum cultures after a minimum of 6 consecutive months of a multidrug background regimen therapy. The use of ARIKAYCE is not recommended for patients with non-refractory MAC lung disease.

Patients are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1800FDA1088. You can also call the Company at 1-844-4-INSMED.

Please see Full Prescribing Information.

About Insmed

Insmed Incorporated is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. The Company is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed’s most advanced programs are in pulmonary and inﬂammatory conditions, including a therapy approved in the United States, Europe, and Japan to treat a chronic, debilitating lung disease. The Company's pre-clinical research programs encompass a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue.

Headquartered in Bridgewater, New Jersey, Insmed has offices and research locations throughout the United States, Europe, and Japan. Insmed is proud to be recognized as one of the best employers in the biopharmaceutical industry, including spending four consecutive years as the No. 1 Science Top Employer. Visit www.insmed.com to learn more.

Forward-looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. “Forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “intends,” “potential,” “continues,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) may identify forward-looking statements.

The forward-looking statements in this press release are based upon the Company’s current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timings discussed, projected, anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: failure to continue to successfully commercialize ARIKAYCE, our only approved product, in the U.S., Europe or Japan (amikacin liposome inhalation suspension, Liposomal 590 mg Nebuliser Dispersion, and amikacin sulfate inhalation drug product, respectively), or to maintain US, European or Japanese approval for ARIKAYCE; our inability to obtain full approval of ARIKAYCE from the FDA, including the risk that we will not successfully or in a timely manner complete the confirmatory post-marketing clinical trial required for full approval of ARIKAYCE, or our failure to obtain regulatory approval to expand ARIKAYCE’s indication to a broader patient population; failure to obtain, or delays in obtaining, regulatory approvals for brensocatib, TPIP or our other product candidates in the U.S., Europe or Japan or for ARIKAYCE outside the US, Europe or Japan, including separate regulatory approval for Lamira^®^ in each market and for each usage; failure to successfully commercialize brensocatib, TPIP or our other product candidates, if approved by applicable regulatory authorities, or to maintain applicable regulatory approvals for brensocatib, TPIP or our other product candidates, if approved; uncertainties or changes in the degree of market acceptance of ARIKAYCE or, if approved, brensocatib, TPIP or our other product candidates by physicians, patients, third-party payors and others in the healthcare community; our inability to obtain and maintain adequate reimbursement from government or third-party payors for ARIKAYCE or, if approved, brensocatib, TPIP or our other product candidates, or acceptable prices for ARIKAYCE or, if approved, brensocatib, TPIP or our other product candidates; inaccuracies in our estimates of the size of the potential markets for ARIKAYCE, brensocatib, TPIP or our other product candidates or in data we have used to identify physicians, expected rates of patient uptake, duration of expected treatment, or expected patient adherence or discontinuation rates; failure of third parties on which the Company is dependent to manufacture sufficient quantities of ARIKAYCE, brensocatib, or TPIP for commercial or clinical needs, to conduct the Company's clinical trials, or to comply with the Company's agreements or laws and regulations that impact the Company's business; the risks and uncertainties associated with, and the perceived benefits of, our secured senior loan with certain funds managed by Pharmakon Advisors LP and our royalty financing with OrbiMed Royalty & Credit Opportunities IV, LP, including our ability to maintain compliance with the covenants in the agreements for the senior secured loan and royalty financing and the impact of the restrictions on our operations under these agreements; our inability to create or maintain an effective direct sales and marketing infrastructure or to partner with third parties that offer such an infrastructure for distribution of ARIKAYCE or any of our product candidates that are approved in the future; failure to successfully conduct future clinical trials for ARIKAYCE, brensocatib, TPIP or our other product candidates and our potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval of our product candidates or to permit the use of ARIKAYCE in the broader population of patients with MAC lung disease, among other things; development of unexpected safety or efficacy concerns related to ARIKAYCE, brensocatib, TPIP or our other product candidates; risks that our clinical studies will be delayed, that serious side effects will be identified during drug development, or that any protocol amendments submitted will be rejected; failure to successfully predict the time and cost of development, regulatory approval and commercialization for novel gene therapy products; the risk that interim, topline or preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available or may be interpreted differently if additional data are disclosed, or that blinded data will not be predictive of unblinded data; risk that our competitors may obtain orphan drug exclusivity for a product that is essentially the same as a product we are developing for a particular indication; our inability to attract and retain key personnel or to effectively manage our growth; our inability to successfully integrate our recent acquisitions and appropriately manage the amount of management’s time and attention devoted to integration activities; risks that our acquired technologies, products and product candidates will not be commercially successful; inability to adapt to our highly competitive and changing environment; inability to access, upgrade or expand our technology systems or difficulties in updating our existing technology or developing or implementing new technology; risk that we are unable to maintain our significant customers; risk that government healthcare reform materially increases our costs and damages our financial condition; business or economic disruptions due to catastrophes or other events, including natural disasters or public health crises; risk that our current and potential future use of AI and machine learning may not be successful; deterioration in general economic conditions in the U.S., Europe, Japan and globally, including the effect of prolonged periods of inflation, affecting us, our suppliers, third-party service providers and potential partners; the risk that we could become involved in costly intellectual property disputes, be unable to adequately protect our intellectual property rights or prevent disclosure of our trade secrets and other proprietary information, and incur costs associated with litigation or other proceedings related to such matters; restrictions or other obligations imposed on us by agreements related to ARIKAYCE, brensocatib or our other product candidates, including our license agreements with PARI and AstraZeneca AB , and failure to comply with our obligations under such agreements; the cost and potential reputational damage resulting from litigation to which we are or may become a party, including product liability claims; risk that our operations are subject to a material disruption in the event of a cybersecurity attack or issue; our limited experience operating internationally; changes in laws and regulations applicable to our business, including any pricing reform and laws that impact our ability to utilize certain third parties in the research, development or manufacture of our product candidates, and failure to comply with such laws and regulations; our history of operating losses, and the possibility that we never achieve or maintain profitability; goodwill impairment charges affecting our results of operations and financial condition; inability to repay our existing indebtedness and uncertainties with respect to our ability to access future capital; and delays in the execution of plans to build out an additional third-party manufacturing facility approved by the appropriate regulatory authorities and unexpected expenses associated with those plans.

The Company may not actually achieve the results, plans, intentions or expectations indicated by the Company’s forward-looking statements because, by their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information about the risks and uncertainties that may affect the Company’s business, please see the factors discussed in Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent Company filings with the Securities and Exchange Commission (SEC).

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

Contact:

Investors:

Bryan Dunn

Vice President, Investor Relations

(646) 812-4030

bryan.dunn@insmed.com

Michael V. Morabito, Ph.D.

Director, Investor Relations

(917) 936-8430

michael.morabito@insmed.com

Gianna De Palma

Manager, Investor Relations

(973) 886-2236

gianna.depalma@insmed.com

Media:

Mandy Fahey

Vice President, Corporate Communications

(732) 718-3621

amanda.fahey@insmed.com

Exhibit 99.2

February 2025 Investor Presentation

Forward Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. “Forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “intends,” “potential,” “continues,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) may identify forward-looking statements. The forward-looking statements in this presentation are based upon the Company’s current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timings discussed, projected, anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: failure to continue to successfully commercialize ARIKAYCE, our only approved product, in the U.S., Europe or Japan (amikacin liposome inhalation suspension, Liposomal 590 mg Nebuliser Dispersion, and amikacin sulfate inhalation drug product, respectively), or to maintain US, European or Japanese approval for ARIKAYCE; our inability to obtain full approval of ARIKAYCE from the FDA, including the risk that we will not successfully or in a timely manner complete the confirmatory post-marketing clinical trial required for full approval of ARIKAYCE, or our failure to obtain regulatory approval to expand ARIKAYCE’s indication to a broader patient population; failure to obtain, or delays in obtaining, regulatory approvals for brensocatib, TPIP or our other product candidates in the US, Europe or Japan or for ARIKAYCE outside the US, Europe or Japan, including separate regulatory approval for Lamira® in each market and for each usage; failure to successfully commercialize brensocatib, TPIP or our other product candidates, if approved by applicable regulatory authorities, or to maintain applicable regulatory approvals for brensocatib, TPIP or our other product candidates, if approved; uncertainties or changes in the degree of market acceptance of ARIKAYCE or, if approved, brensocatib,TPIP or our other product candidates by physicians, patients, third-party payors and others in the healthcare community; our inability to obtain and maintain adequate reimbursement from government or third-party payors for ARIKAYCE or, if approved, brensocatib, TPIP or our other product candidates, or acceptable prices for ARIKAYCE or, if approved, brensocatib, TPIP or our other product candidates; inaccuracies in our estimates of the size of the potential markets for ARIKAYCE, brensocatib, TPIP or our other product candidates or in data we have used to identify physicians, expected rates of patient uptake, duration of expected treatment, or expected patient adherence or discontinuation rates; failure of third parties on which the Company is dependent to manufacture sufficient quantities of ARIKAYCE, brensocatib, or TPIP for commercial or clinical needs, to conduct the Company's clinical trials, or to comply with the Company's agreements or laws and regulations that impact the Company's business; the risks and uncertainties associated with, and the perceived benefits of, our secured senior loan with certain funds managed by Pharmakon Advisors LP and our royalty financing with OrbiMed Royalty & Credit Opportunities IV, LP, including our ability to maintain compliance with the covenants in the agreements for the senior secured loan and royalty financing and the impact of the restrictions on our operations under these agreements; our inability to create or maintain an effective direct sales and marketing infrastructure or to partner with third parties that offer such an infrastructure for distribution of ARIKAYCE or any of our product candidates that are approved in the future; failure to successfully conduct future clinical trials for ARIKAYCE, brensocatib, TPIP and our other product candidates and our potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval of our product candidates or to permit the use of ARIKAYCE in the broader population of patients with MAC lung disease, among other things; development of unexpected safety or efficacy concerns related to ARIKAYCE, brensocatib, TPIP or our other product candidates; risks that our clinical studies will be delayed, that serious side effects will be identified during drug development, or that any protocol amendments submitted will be rejected; failure to successfully predict the time and cost of development, regulatory approval and commercialization for novel gene therapy products; the risk that interim, topline or preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available or may be interpreted differently if additional data are disclosed, or that blinded data will not be predictive of unblinded data; risk that our competitors may obtain orphan drug exclusivity for a product that is essentially the same as a product we are developing for a particular indication; our inability to attract and retain key personnel or to effectively manage our growth; our inability to successfully integrate our recent acquisitions and appropriately manage the amount of management’s time and attention devoted to integration activities; risks that our acquired technologies, products and product candidates will not be commercially successful; inability to adapt to our highly competitive and changing environment; inability to access, upgrade or expand our technology systems or difficulties in updating our existing technology or developing or implementing new technology; risk that we are unable to maintain our significant customers; risk that government healthcare reform materially increases our costs and damages our financial condition; business or economic disruptions due to catastrophes or other events, including natural disasters or public health crises; risk that our current and potential future use of AI and machine learning may not be successful; deterioration in general economic conditions in the US, Europe, Japan and globally, including the effect of prolonged periods of inflation, affecting us, our suppliers, third-party service providers and potential partners; the risk that we could become involved in costly intellectual property disputes, be unable to adequately protect our intellectual property rights or prevent disclosure of our trade secrets and other proprietary information, and incur costs associated with litigation or other proceedings related to such matters; restrictions or other obligations imposed on us by agreements related to ARIKAYCE, brensocatib or our other product candidates, including our license agreements with PARI and AstraZeneca AB , and failure to comply with our obligations under such agreements; the cost and potential reputational damage resulting from litigation to which we are or may become a party, including product liability claims; risk that our operations are subject to a material disruption in the event of a cybersecurity attack or issue; our limited experience operating internationally; changes in laws and regulations applicable to our business, including any pricing reform and laws that impact our ability to utilize certain third parties in the research, development or manufacture of our product candidates, and failure to comply with such laws and regulations; our history of operating losses, and the possibility that we never achieve or maintain profitability; goodwill impairment charges affecting our results of operations and financial condition; inability to repay our existing indebtedness and uncertainties with respect to our ability to access future capital; and delays in the execution of plans to build out an additional third-party manufacturing facility approved by the appropriate regulatory authorities and unexpected expenses associated with those plans. The Company may not actually achieve the results, plans, intentions or expectations indicated by the Company's forward-looking statements because, by their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information about the risks and uncertainties that may affect the Company's business, please see the factors discussed in Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent Company filings with the Securities and Exchange Commission (SEC). The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this presentation. The Company disclaims any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

Additional Disclaimers With respect to the blended and blinded data observed from the ongoing TPIP study in pulmonary arterial hypertension, the dose titration and efficacy analyses were based on data available as of April 1, 2024, and the safety analyses were based on data available as of January 25, 2024, respectively. These findings may not be representative of results after the study is completed and all data are collected and analyzed. As a result, later interim data readouts and final data from this study may be materially different than the observations described herein, including with respect to efficacy, safety and tolerability of TPIP. Please be aware that brensocatib and TPIP are investigational products that have not been approved for sale or found safe or effective by the FDA or any regulatory authority. In addition, ARIKAYCE has not been approved for the treatment of all patients with MAC lung disease. This presentation is not promotion or advertisement of ARIKAYCE, brensocatib, or TPIP. Insmed and ARIKAYCE are registered trademarks of Insmed Incorporated. All other trademarks are property of their respective owner(s). Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources, as well as our own internal estimates and research. While we believe the information in these third-party sources to be reliable as of the date of this presentation, we have not independently verified any such information or the underlying assumptions relied on in such third-party sources. In addition, while we believe our internal research is reliable, such research has not been verified by any independent source.

Portfolio of First-in-Class and Potentially Best-in-Class* Assets Across Each Stage of Development Pre-clinical Phase 1 Phase 2 Phase 3 Approved ARIKAYCE® Refractory MAC All MAC Lung Disease Brensocatib Bronchiectasis CRSsNP HS TPIP PH-ILD PAH Pre-Clinical Research INS1202: ALS INS1203: Stargardt Disease Next-Gen DPP1 Inhibitor (Multiple indications) Other Pre-Clinical Research (Multiple indications) Gene Therapy INS1201: DMD * “Best-in-disease/best-in-class" indicates a profile that could be considered more attractive than other treatment options for a particular disease. Head-to-head clinical trials are not anticipated. TPIP: Treprostinil Palmitil Inhalation Powder; MAC / MAC LD: mycobacterium avium complex lung disease; Bronchiectasis: non-cystic fibrosis bronchiectasis; PAH: pulmonary arterial hypertension; PH-ILD: pulmonary hypertension associated with interstitial lung disease; CRSsNP: chronic rhinosinusitis without nasal polyps; HS: hidradenitis suppurativa; DMD: Duchenne muscular dystrophy; ALS: amyotrophic lateral sclerosis

* If pipeline of assets are approved Bronchiectasis: non-cystic fibrosis bronchiectasis; MAC / MAC LD: Mycobacterium avium complex lung disease; CRSsNP: chronic rhinosinusitis without nasal polyps; PH-ILD: pulmonary hypertension due to interstitial lung disease; PAH: pulmonary arterial hypertension; HS: hidradenitis suppurativa ARIKAYCE Refractory MAC 2018 - Today 30K patients Total Addressable Patients Has Potential to Grow 80x Through 2030* 2025 - 2030 Brensocatib Bronchiectasis +1.25M ARIKAYCE MAC LD +275K Brensocatib CRSsNP +400K TPIP PH-ILD +135K TPIP PAH +90K Brensocatib HS +600K Additional 2.5M+ patients*

Potential Value Creation Will Be Shaped by Two Distinct Drivers * Pending regulatory approval for bronchiectasis indication; U.S. FDA target action date set for August 12, 2025 ** Guidance growth versus 2024 ARIKAYCE revenue results † Europe/EU5 comprised of France, Germany, Italy, Spain, and the United Kingdom ‡ Priority Review designation received; NDA: New Drug Application (P) Indicates trial phase of respective clinical program; TLR: Topline Results Revenue Generation Clinical Execution Value Creation Mid-25 TPIP PAH TLR (P2) 3Q:25 U.S. Launch of Brensocatib* YE:25 BiRCh CRSsNP TLR (P2) FY:25 Double-Digit ARIKAYCE Growth** 2H:25 TPIP PH-ILD (P3) Initiation YE:24 Expanded U.S. Salesforce 1Q:26 ENCORE MAC LD TLR (P3) ’25/’26 DMD First Clinical Data 2026 Brensocatib EU5† & Japan Launch* PAH: pulmonary arterial hypertension; PH-ILD: pulmonary hypertension associated with interstitial lung disease; Bronchiectasis: non-cystic fibrosis bronchiectasis; CRSsNP: chronic rhinosinusitis without nasal polyps; MAC / MAC LD: Mycobacterium avium complex lung disease; DMD: Duchenne muscular dystrophy 2024 2025 2026 1Q:25 FDA Accepted Brensocatib NDA Filing‡

ARIKAYCE Refractory Mycobacterium avium complex lung disease A rare and chronic disease that can cause irreversible lung damage and is the most common form of NTM respiratory pathogen Mycobacterium avium complex lung disease Image source: Hendrix C, McCrary M, Hou R, Abate G. Diagnosis and Management of Pulmonary NTM with a Focus on Mycobacterium avium Complex and Mycobacterium abscessus: Challenges and Prospects. Microorganisms. 2023; 11(1):47. https://doi.org/10.3390/microorganisms11010047 ® (amikacin liposome inhalation suspension)

ARIKAYCE Expected to Deliver Double-Digit Revenue Growth in 20251 1 Guidance growth vs. 2024 ARIKAYCE revenue results EU5 comprised of France, Germany, Italy, Spain, and the United Kingdom Double-digit growth entering 7th year post launch +19% 2024 vs. 2023 +14% +39% +33% FY 2024 $364M Beat $340-$360M Guidance $255M $21M $88M $405 to $425M Full-Year 2025 +11% to 17%1 2025 vs. 2024 FY 2025E ARIKAYCE Revenue Guidance

ARIKAYCE has the Potential to be the Best in MAC LD Treatment MAC / MAC LD: Mycobacterium avium complex lung disease; TAM: Total Addressable Market †EU5 comprised of France, Germany, Italy, Spain, and the United Kingdom Note: Numbered footnote references related to patient prevalence can be found at the end of this presentation. 125-145K US TAM EU5† TAM Japan TAM Refractory MAC1 95-115K 14K MAC LD1 15-18K 12-17K 1.4K If approved, we anticipate marketing ARIKAYCE in MAC LDat same price and dosage as currently available ARIKAYCE Phase 3 ENCORE Readout Expected 1Q:26

ARIKAYCE Phase 3 Program to Potentially Expand MAC Indication Trial summary Key Endpoints Screening Double-Blind Registration PMR Trial ARIKAYCE + AZI* + ETH* Placebo + AZI* + ETH* Key Endpoints Month 13 Culture Negativity Endpoint Month 15 R Months 1-6 ARIKAYCE + AZI* + ETH* Off Treatment Months 1-12 Adults with new MAC lung infection (n=250+) Psychometric Validation Study Month 7 Placebo + AZI + ETH Off Treatment Adults with new MAC lung infection (n=100) ENCORE ARISE R ENCORE Primary Endpoint Change from Baseline to Month 13 (one month off treatment) in respiratory symptom score Key Secondary Endpoint Proportion of subjects achieving durable culture conversion at Month 15 (3 months off treatment) ARISE Primary Objective Demonstrate reliability, validity and responsiveness of the PRO/symptom scores Secondary Objective Demonstrate effect of ARIKAYCE on culture conversion, time to culture conversion 200-220 sites across ARISE and ENCORE Topline results from Phase 3 ENCORE trial expected in Q1:26 Aligned on Primary Endpoint (PE) with FDA (8 questions from QoL-B) ENCORE enrollment of 425 patients (>90% powering on PE) Positive topline results from Phase 3 ARISE trial shared in September 2023 *Azithromycin (AZI), Ethambutol (ETH)

Brensocatib Image sources: 1) Fraser CS, José RJ. Insights into Personalised Medicine in Bronchiectasis. Journal of Personalized Medicine. 2023; 13(1):133. https://doi.org/10.3390/jpm13010133. | 2) Rethinkbronchiectasis.com | 3) Yang Y, Zhang N, Crombruggen KV, Lan F, Hu G, Hong S, Bachert C. Differential Expression and Release of Activin A and Follistatin in Chronic Rhinosinusitis with and without Nasal Polyps. PLoS One. 2015 Jun 1;10(6):e0128564. doi: 10.1371/journal.pone.0128564. PMID: 26030615; PMCID: PMC4451080 | 4) Z.N. Ovadja, M.M. Schuit, C.M.A.M. van der Horst, O. Lapid, Inter‐ and intrarater reliability of Hurley staging for hidradenitis suppurativa, British Journal of Dermatology, Volume 181, Issue 2, 1 August 2019, Pages 344–349, https://doi.org/10.1111/bjd.17588 Non-Cystic Fibrosis Bronchiectasis A chronic, progressive inflammatory disease that causes permanent lung damage Chronic Rhinosinusitis without Nasal Polyps Hidradenitis Suppurativa A burdensome disease that significantly impairs quality of life A debilitating, chronic inflammatory disease with significant treatment challenges 1) 2) 3) 4) (DPP1 inhibitor)

U.S. Bronchiectasis Market Primed for a Strong Brensocatib Launch* * Pending regulatory approval for bronchiectasis indication ** Since website launch in November 2023 through December 2024 † From February-October 2024; Commercial lives include Veterans Affairs, Tricare, and Dept. of Defense ‡ Highly engaged defined as those patients who have downloaded support tools or registered for Customer Relationship Management (CRM) 1 Based on US Segmentation Study (currently in field) 2 Based on US Demand Study (fieldwork: June/July 2024) 3 Patient website metrics dashboard; as of December 2024 4 Payer KPI metrics; as of October 2024 Doctors Intend to Prescribe 64% Indicated high unmet need in bronchiectasis1 90% Likely to prescribe brensocatib for patients with 2+ exacerbations2 Patients Are Motivated to Act3 ~900K Unique visits to disease state website** ~41K Highly engaged‡ visitors who have acted** Payors Recognize the Disease Burden4 >90% Medicare lives† >90% Commercial lives † Lives covered by engaged accounts:

Brensocatib in Bronchiectasis Opportunity Could Reach >1M Patients at Launch* * Pending regulatory approval for bronchiectasis indication † Includes misdiagnosed, miscoded, undiagnosedNote: COPD and asthma may be comorbid with bronchiectasis and not all patients with bronchiectasis have comorbid asthma or COPD Note: Numbered footnote references related to patient prevalence can be found at the end of this presentation † EU5 comprised of France, Germany, Italy, Spain and the United KingdomBronchiectasis refers to non-cystic fibrosis bronchiectasis TAM: Total Addressable Market US TAM EU5† TAM Japan TAM Diagnosed with Bronchiectasis2 0.8M 2.4M 2.1M Undiagnosed† Bronchiectasis3 Asthma or COPD4 150K 500K 600K 17M 32M 27M Bronchiectasis NDA for Brensocatib in Bronchiectasis Accepted by FDA and Granted Priority Review with a PDUFA Target Action Date of August 12, 2025

Brensocatib Phase 3 in Bronchiectasis: Trial summary Off treatment4 weeks Treatment period 52 weeks Baseline day 1 randomization End of trial day 364 End of studyday 392 ± 3 6 weeks Randomization: 1:1:1 for adults 2:2:1 for adolescents Screening Brensocatib 10 mg once daily Brensocatib 25 mg once daily Placeboonce daily Adults stratified by: Sputum Pseudomonas aeruginosa culture status at screening (positive or negative) Number of exacerbations in the prior 12 months (2 or ≥3) Geographic region (Europe, Japan, North America, or ROW) Primary endpoint: Annualized rate of adjudicated pulmonary exacerbationsa over 52 weeks Secondary endpoints (hierarchical): Time to first exacerbation Proportion of patients who remained exacerbation-free Change from baseline in post-bronchodilator FEV1 at week 52 Annualized rate of severe exacerbations Change from baseline in QoL-B Respiratory Symptom Domain score at week 52 ASPEN a Defined as the presence of ≥3 of the following symptoms for at least 48 hours, resulting in a physician’s decision to prescribe systemic antibiotics: (1) increased cough, (2) increased sputum production or change in sputum consistency, (3) increased sputum purulence, (4) increased breathlessness and/or decreased exercise tolerance, (5) fatigue and/or malaise, or (6) hemoptysis. Bronchiectasis refers to non-cystic fibrosis bronchiectasis; FEV1=forced expiratory volume in 1 second; PO=orally; QoL-B=Quality of Life-Bronchiectasis questionnaire; ROW=rest of world.

Phase 3 ASPEN Study a Clear Win: Primary Endpoint Achieved Statistical Significance on Both Doses PE=Pulmonary ExacerbationFEV1=Forced Expiratory Volume Over 1 Second QoL-B=Quality of Life-Bronchiectasis Questionnaire* Statistically significant^ Nominally significant p-value Brensocatib 10 mg compared to placebo Brensocatib 25 mg compared to placebo Primary Endpoint Reduction in annualized rate of PEs 21.1% p = 0.0019* 19.4% p = 0.0046* Secondary Endpoints Prolongation of time to first PE 18.7% p = 0.0100* 17.5% p = 0.0182* Increase in odds of remaining exacerbation free over 52 weeks 41.2% p = 0.0059* 40.0% p = 0.0074* Change from baseline in post-bronchodilator FEV1 at week 52 11 mL p = 0.3841 38 mL p = 0.0054* Reduction in annualized rate of severe PEs 25.8% p = 0.1277 26.0% p = 0.1025 Change from baseline in the QoL-B Respiratory Score at week 52 2.0 points p = 0.0594 3.8 points p = 0.0004^

Chronic Rhinosinusitis without Nasal Polyps Represents Another Potential Large Patient Opportunity Included in Phase 2b BiRCh Trial; >75% Enrolled Annual New Surgical Patients (Incidence)5 0.5M 3.1M 2.6M Steroid Non-responders (Prevalence)5 40K 200K 160K 6M 29M 24M CRSsNP CRSsNP (Prevalence)4 US TAM EU5† TAM Japan TAM US TAM EU5† TAM Japan TAM CRSsNP: chronic rhinosinusitis without nasal polyps | TAM: Total Addressable Market † EU5 comprised of France, Germany, Italy, Spain and the United Kingdom Note: Numbered footnote references related to patient prevalence can be found at the end of this presentation

Brensocatib Phase 2b in CRSsNP: BiRCh Brensocatib 40 mg QD Placebo QD Screening BASELINE EOT (primary analysis) Up to 5 weeks Brensocatib 10 mg QD 4 weeks Treatment period 24 weeks EOS R Off-treatment follow-up N=~270 total Key eligibility criteria: Male or female ≥18 years old and ≤75 years old At least a 12-week history of CRSsNP and confirmed by endoscopy at Screening Ongoing CRS symptoms: nasal congestion score of at least 2, sTSS score of at least 5 and sino-nasal outcome test 22 score of at least 20 at screening and baseline Blood eosinophil count of ≤750 cells/μL at Screening Previous sinonasal surgery for CRS and/or treatment with systemic steroids or antibiotics for CRS within a year of Screening Visit Primary Endpoint Change in daily sinus total symptom score (sTSS) Secondary Endpoints Change in percentage sinus opacification Change in modified LMK CT (Lund-MacKay computed tomography) score Proportion of participant requiring rescue Change in Sino-nasal Outcome Test 22 score Exploratory Endpoint Neutrophil serine proteases (NSPs) in blood CRSsNP: Chronic rhinosinusitis without nasal polyps; EOS: end of study; EOT: end of treatment; QD: once daily. Trial summary BiRCh

Potential Expansion into Hidradenitis Suppurativa Could Be a New Treatment Option for >600K Patients Hurley Stage 2 & 36 Global Diagnosed Prevalence6 30K 275K 300K HS 1.2M – 2.6M US TAM EU5† TAM Japan TAM HS: hidradenitis suppurativa | TAM: Total Addressable Market † EU5 comprised of France, Germany, Italy, Spain and the United Kingdom Note: Numbered footnote references related to patient prevalence can be found at the end of this presentation

Primary Endpoint (Week 16) Percent change in total abscess and inflammatory nodule (AN) count Secondary Endpoints (Week 16) Percentage achieving HiSCR50 Percentage achieving HiSCR75 Change from baseline in draining tunnel count Percentage remaining free from HS flare Change from baseline in International HS Severity Score System (IHS4) score Percentage achieving IHS-55 Change from baseline on Dermatology Life Quality Index (DLQI) Global Score Percentage achieving Numeric Rating Scale 30 (NRS30) with Baseline NRS >3 Brensocatib Phase 2b in HS: CEDAR Trial summary HS: Hidradenitis suppurativa; QD: once daily; Q2W: once every 2 weeks; Q4W: once every 4 weeks; HiSCR: Hidradenitis suppurativa clinical response Up to 35 days Period 1 Double-Blind Placebo-Controlled (16 weeks) Period 2 Double-Blind Active Treatment (36 weeks) Follow-up Period (4 weeks) No Study Treatment SCREENING 1:1:1 N = 204 (68/arm) Clinic Visits Q2W Clinic Visits Q4W Baseline Day 1 Randomization Period 1 End of Treatment Week 16 (Primary Analysis) Period 2 End of Treatment Week 52 End of Study Week 56 Tissue Biopsy (Sub-study: N=~36) *Optional, at selected sites Brensocatib 10 mg QD Brensocatib 10 mg QD (n=68) Brensocatib 40 mg QD Brensocatib 40 mg QD (n=68) Placebo QD Brensocatib 10 mg QD (n=34) Brensocatib 40 mg QD (n=34) Interim Futility Analysis Independent Data Monitoring Committee examines ~100 randomized participants completing 16 weeks of treatment to obtain a preliminary perspective of benefit/risk ratio in this population CEDAR

TPIP Pulmonary Hypertension due to Interstitial Lung Disease A rapidly progressing disease associated with poor survival and decreased quality of life Pulmonary Arterial Hypertension A devastating and debilitating disease that pervades all aspects of a patient’s daily life Image source: Valentini A, Franchi P, Cicchetti G, Messana G, Chiffi G, Strappa C, Calandriello L, del Ciello A, Farchione A, Preda L, et al. Pulmonary Hypertension in Chronic Lung Diseases: What Role Do Radiologists Play? Diagnostics. 2023; 13(9):1607. https://doi.org/10.3390/diagnostics13091607 (Treprostinil Palmitil Inhalation Powder)

TPIP has the Potential for Clear Differentiation in PH-ILD and PAH * No head-to-head or convenience studies have been conducted or planned** Safety analysis based on topline safety and tolerability data from the Phase 2 PH-ILD study of TPIP disclosed on May 6, 2024 †Based on most recent publicly available data TPIP Inhaled (dry powder) Once daily Yes** Currently being evaluated in Phase 2 Phase 2 data support advancing to Phase 3 Remodulin® IV or subcutaneous Continuous Yes Yes No data Tyvaso® & Yutrepia® Inhaled (nebulized and/or dry powder)2 4-times per day No Yes Yes Orenitram® & Uptravi® Oral 2- or 3-times per day3 No Yes No data Route of administration Dosing frequency Favorable tolerability for dose expansion† Efficacy in PAH (WHO Group 1) Efficacy in PH-ILD (WHO Group 3) Potential Differentiators 1 Yutrepia® is tentatively approved for PAH & PH-ILD; Tyvaso ® is approved in PAH & PH-ILD; all other listed products are approved in PAH 2 Tyvaso: nebulized and dry-powder | Yutrepia: dry powder 3 Orenitram: 2-3 times per day | Uptravi: 2-times per day Approved Treprostinil Therapies1 Convenience* Safety & Efficacy** Favorable safety profile & higher dosing may lead to improved outcomes TPIP=Treprostinil Palmitil Inhalation Powder

PH-ILD and PAH Represent Substantial Commercial Opportunities TPIP: A Potential Best-in-Class* Prostanoid ‡ Wholesale acquisition cost (WAC) as of March 12, 2024 TAM: Total Addressable Market; †EU5 comprised of France, Germany, Italy, Spain and the United Kingdom Note: Numbered footnote references related to patient prevalence can be found at the end of this presentation. * “Best-in-disease/best-in-class" indicates a profile that could be considered more attractive than other treatment options for a particular disease. Head-to-head clinical trials are not anticipated.Note: Diagnosed pulmonary hypertension (PH) consists of pulmonary arterial hypertension (PAH), pulmonary hypertension due to left heart diseases (PH-LHD), pulmonary hypertension due to interstitial lung disease (PH-ILD), chronic thromboembolic pulmonary hypertension (CTEPH), Idiopathic PH ~$300K U.S. Pricing Benchmark Tyvaso DPI List Price‡ US TAM EU5† TAM Japan TAM 15K 35K 40K PAH7 PH-ILD8 20K 50K 65K Diagnosed PH 45K 190K 150K TPIP TPIP=Treprostinil Palmitil Inhalation Powder

TPIP Phase 2 in PH-ILD 4 weeks TPIP 80-640 µg inhalation capsules QD Placebo inhalation capsules QD Screening Treatment period 16 weeks Baseline EOT (primary analysis) EOS 4 weeks Primary Endpoints Secondary Endpoints Follow-up Pharmacokinetics 39 participants randomized in the study 3:1 active : placebo Safety and tolerability Oxygenation Exploratory Efficacy Endpoints Improvement in 6-Minute Walk Distance (6MWD) Improvement in biomarkers of cardiac stress (NT-proBNP) Improvement in lung function and pulmonary vascular volume (FRI) Improvements in Quality of Life (CAMPHOR questionnaire) Clinical worsening* Steady-state period 3-week titration period; last dose increase at week 5 visit * Clinical worsening is defined as one of the following: (1) Hospitalization due to a cardiopulmonary indication, (2) Lung transplantation, (3) Death from any cause, or (4) Decrease in 6MWD of at least 15% from baseline (at 2 consecutive visits at least 24 hours apart), directly related to disease TPIP=Treprostinil Palmitil Inhalation Powder | 6MWD=six-minute walk distance | PH-ILD=pulmonary hypertension due to interstitial lung disease | QD=once daily Trial summary PH-ILD Trial

PH-ILD Phase 2 Study Met Primary Objective of Safety and Tolerability, With Lower Rates of Treatment Discontinuation and SAEs vs. Placebo “N” = total participants randomized in specified group | “n” = number of participants within the group1 Based on investigator’s evaluation | 2 All events of cough were mild, and none led to treatment discontinuation. | 3 Includes any death that occurred on or after the first dose date. All deaths in the trial were related to disease progression or comorbid causes and none were attributed to TPIP. TEAE=Treatment emergent adverse event | SAE=Serious adverse event | TPIP=Treprostinil Palmitil Inhalation Powder | PH-ILD=pulmonary hypertension due to interstitial lung disease TPIP (N=29) Placebo (N=10) Dose Titration % Patients Titrated to Maximum 640 µg Dose of TPIP or Placebo (n) % Patients Titrated to at least 480 µg Dose of TPIP or Placebo (n) 79.3% (23) 89.6% (26) 100.0% (10) 100.0% (10) % Patients with Any TEAE (n) Adverse Events (%) 93.1% (27) 90.0% (9) % Patients with Study Drug Related1 TEAE (n) % Patients with Study Drug Related Cough2 (n) Adverse Events (%) 55.2% (16) 37.9% (11) 40.0% (4) 0.0% (0) % Patients with TEAE Leading to Treatment Discontinuation (n) Serious Adverse Events (%) 13.8% (4) 30.0% (3) % Patients with Any SAE (n) Serious Adverse Events (%) 20.7% (6) 40.0% (4) % Patients with Study Drug Related1 SAE (n) 0.0% (0) 0.0% (0) % Patient Deaths3 (n) Deaths2 6.9% (2) 20.0% (2) Trial was randomized 3:1 TPIP vs. placebo

PH-ILD Phase 2 Exploratory Efficacy Endpoints Support Advancement into Phase 3 “N” = total participants randomized in specified group; “n” = number of events, or participants within the group1 Calculation based on Hodges-Lehmann Estimate Location Shift | 2 Calculation based on geometric mean | 3 Calculation based on Fisher's Exact Test | 4 Two placebo patients each experienced two events, but this analysis counted only one event per subject | TPIP=Treprostinil Palmitil Inhalation Powder | PH-ILD=pulmonary hypertension due to interstitial lung disease Trial was randomized 3:1 TPIP vs. placebo TPIP (N=29) Placebo (N=10) Week 16 n Week 16 n 6-Minute Walk Distance (6MWD) Treatment effect (TPIP vs. placebo) at Week 161 (m) Confidence interval P-value 30 [-49.0, 171.0] 0.3484 29 N/A 10 NT-proBNP concentrations (pg/mL)2 (Baseline concentrations) Geometric mean ratio to Baseline (Geometric SD) Adverse Events (%) 197.50 (242.90) 0.81 (3.36) 24 382.59 (338.43) 1.13 (1.50) 7 % Patients with Clinical Worsening Event (n) P-value (TPIP vs. placebo)3 Serious Adverse Events (%) 10.3% (3) 0.0164 29 50.0% (5)4 10 % Patients hospitalized due to cardiopulmonary indication (n) 0.0% (0) 29 30.0% (3) 10 % Patients with decrease in 6MWD ≥ 15% from Baseline (n) 3.4% (1) 29 20.0% (2) 10 % Patients who died from any cause (n) 6.9% (2) 29 20.0% (2) 10

TPIP Phase 2b in PAH 4 weeks TPIP 80-640 µg inhalation capsules QD Placebo inhalation capsules QD Screening Treatment period 16 weeks Baseline EOT (primary analysis) EOS 4 weeks Follow-up Approximately 100 participants randomized in the study 2:1 active : placebo Steady-state period 3-week titration period; last dose increase at week 5 visit Primary Endpoint Change from baseline in pulmonary vascular resistance (PVR) at week 16 Secondary Exploratory Efficacy Endpoints Change from baseline in exercise capacity (6MWD) Change from baseline in WHO Functional class Change from baseline in Quality of Life (CAMPHOR questionnaire) Change from baseline in biomarkers of cardiac stress (NT-proBNP) Trial summary PAH Trial TPIP=Treprostinil Palmitil Inhalation Powder |

          PAH=pulmonary arterial hypertension | 6MWD=six-minute walk distance | QD=once daily

Blended Blinded Phase 2 Data in PAH Indicates Potential of TPIP to Become Best-in-Class* Prostanoid 1 Dose titration analysis based on data available as of April 1, 2024. Dose titration data in PAH reflect first sets of patients in each trial who reached the Week 5 visit, which is the last possible point at which the dose can be increased in the trial.2 Efficacy analysis based on data available as of April 1, 2024. PVR data in PAH based on a review of 40 patients who had completed 16 weeks of treatment.3 6-Minute Walk Distance analysis based on data available as of April 1, 2024. Blended/Blinded Data from Treatment and Placebo Arms (2:1 Randomization) Dose Titration1 Patients Titrated to Maximum Dose of 640 µg or Placebo (%) 34 (79%) of first 43 patients who reached Week 5 visit Most countries have approved protocol changes to increase the maximum dose of TPIP from 640 µg to up to 1,280 µg, once daily, for the open-label extension of its PAH study Pulmonary Vascular Resistance (PVR)2 Mean Reduction in PVR from Baseline 19.9% Based on first 40 patients who completed Week 16 of treatment, including active and placebo arms 6-Minute Walk Distance3 Mean Improvement in Distance 43 Meters Based on first 40 patients who completed Week 16 of treatment, including active and placebo arms Phase 2 PAH Trial Fully Enrolled with 102 Patients. Readout Expected in Mid-2025 * “Best-in-disease/best-in-class" indicates a profile that could be considered more attractive than other treatment options for a particular disease. Head-to-head clinical trials are not anticipated.DMC=Data Monitoring Committee

Gene Therapy & Pre-Clinical Research Gene Therapy Duchenne Muscular Dystrophy (DMD)1 A rare genetic disorder that causes progressive muscle degeneration, primarily affecting young boys Pre-Clinical Pipeline: INS1202: ALS (Gene Therapy) INS1203: Stargardt Disease (Gene Therapy) Next Gen DPP1 (Multiple Indications) Other Pre-Clinical Research (Multiple Indications) 1 INS1201 is Insmed’s lead gene therapy, an intrathecally-delivered treatment for patients with Duchenne muscular dystrophy (DMD); Plans to initiate a clinical trial in patients with DMD in the first half of 2025. DMD: Duchenne muscular dystrophy; ALS: amyotrophic lateral sclerosis

Research Engine Has Produced First Product Candidate Gene Therapy IND for Duchenne Muscular Dystrophy Cleared in December 20241 Our Approach Low Upfront Costs to acquire the technologies Low Ongoing Expense <20% of expenditures Expect ~1-2 IND filings per year Gene Therapy Deimmunized Protein Engineering Using AI Synthetic Rescue RNA End-Joining Our Platforms 1 INS1201 is Insmed’s lead gene therapy, an intrathecally-delivered treatment for patients with Duchenne muscular dystrophy (DMD); Plans to initiate a clinical trial in patients with DMD in the first half of 2025.

* 30-day safety observation period between each participant in each cohort IDMC=Independent Data Monitoring Committee Key Trial Information Single dose via intrathecal administration 30-day safety monitoring period between each patient in each cohort Patients must be ambulatory at time of screening Primary Endpoint Safety and Tolerability Secondary Endpoints Muscle dystrophin levels Dose Finding Exploratory Endpoints Multiple age-appropriate functional and developmental outcomes ASCEND ASCEND Phase 1 in Duchenne Muscular Dystrophy (DMD) Trial summary Cohort 2: 3 - <5yrs INS1201 IT Dose Strength B (3 patients)* Cohort 1: 3 - <5yrs INS1201 IT Dose Strength A (3 patients)* Cohort 3: 2yrs INS1201 IT Dose Strength A (3 patients)* Cohort 4: 2yrs INS1201 IT Dose Strength B (3 patients)* The IDMC will meet after the completion of the 30-day safety period for the last participant in cohorts 1 and 3 for a safety review before initiating the next cohort(s) SCREENING INS1201 is Insmed’s lead gene therapy, an intrathecally-delivered treatment for patients with Duchenne muscular dystrophy (DMD); Plans to initiate a clinical trial in patients with DMD in the first half of 2025.

Our Culture is Our Greatest Strength In a recent survey* >90% of Employees who responded said they felt: * The 2024 annual Insmed Pulse Survey included 89.4% participation across the organization Proud to work at Insmed Inspired by what we do Confident in Insmed’s future Driven to do their best work No. 1 on Science’s Top BioPharma Employers List Certified as a U.S. Great Place to Work Four years in a row Four years in a row

Appendix

Strong, Long-Dated Patent Exclusivity a Based on U.S. Patent Application No.18/024,040 and ex-U.S. counterpart applications issuing as patents. Additionally, given the complexity of drug product (liposomal inhalation with specific nebulizer), required bioequivalence testing could be difficult and lead to few generic entrants. b Based on potential patent term extension (PTE) in the U.S. and US Application No. 16/975,292, which has been allowed, issuing in the U.S. c Based on SPC and Japan PTE being capped at 5 yearsd Based on US Application No. 18/513,377 and ex-US counterparts issuing as a patent Brensocatib ARIKAYCE TPIP Current Exclusivity Potential Exclusivity Current Exclusivity Potential Exclusivity Current Exclusivity Potential Exclusivity 2034 2041d 2034 2041d 2034 2041d 2040 2040+b 2039 2040+c 2035 2040c 2035 2041a 2035 2041a 2035 2041a US EU Japan

Manufacturing Brensocatib ARIKAYCE TPIP API Drug Product Spain Canada API Drug Product Taiwan US API Drug Product Italy UK To come online Canada

ARISE: QoL-B Respiratory Score Changes* Show Clear Separation When PGI-S Category Improved vs. No Change or Decline QoL-B: Quality of Life-Bronchiectasis Respiratory Domain questionnaire | PGI-S: Patient Global Impression of Severity | MAC: Mycobacterium avium complex * Includes patient data from both the treatment and control arm of the ARISE study Estimated Meaningful Score Difference Region is +12.2 to +16.7 points ARIKAYCE Estimated Meaningful Score Difference for QoL-B Resp. in MAC patients is +14.8 points

QoL-B Respiratory Domain ALIS+AZI+ETH N=48 ELC+AZI+ETH N=51 Difference # of Participants Evaluated for Change from Baseline to Month 7 43 48 # of Missing Change from Baseline to Month 7 Value 5 3 Change in PRO Score from Baseline to Month 7 (LS-Mean) 12.24 7.76 4.48 (95% Confidence Interval) (7.96, 16.53) (3.76, 11.77) (-0.97, 9.93) p-value 0.1073 ARISE: Comparison Between Treatment Arms Shows Clear Favorable Trend for ARIKAYCE Arm ALIS: amikacin liposome inhalation suspension | AZI: azithromycin | ELC: empty liposome control |

          ETH: ethambutol | LS: least-squares | QoL-B: Quality of Life-Bronchiectasis Respiratory Domain questionnaire |   PRO: patient-reported outcome  ITT analysis with multiple imputation for missing data  ANCOVA model includes change from baseline
          as response variable and treatment, baseline Resp Score, and history of MAC lung infection as independent variables.  ARIKAYCE

ARISE: QoL-B Respiratory Score Changes from Baseline to Month 7 Show Clear Separation for ARIKAYCE Group CDF: cumulative distribution function | ALIS: amikacin liposome inhalation suspension | AZI: azithromycin; ELC: empty liposome control | ETH: ethambutol | QoL-B: Quality of Life-Bronchiectasis Respiratory Domain questionnaire | MAC: Mycobacterium avium complex ARIKAYCE Estimated Meaningful Score Difference for QoL-B Resp. in MAC patients is +14.8 points Estimated Meaningful Score Difference Region is +12.2 to +16.7 points 43.8% of patients in ARIKAYCE arm achieved >14.8-point improvement 33.3% of patients in control arm achieved >14.8-point improvement

ARISE: Significantly* Higher, More Persistent Culture Conversion in ARIKAYCE Arm ALIS: amikacin liposome inhalation suspension | AZI: azithromycin | ELC: empty liposome control | ETH: ethambutol * “Nominally statistically significant” because no hierarchical testing or adjustment for multiplicity was conducted in ARISE. Difference at Month 7 Nominally Statistically Significant* (p-value = 0.0010) Proportions estimated by Standardized Logistic Regression with treatment group and History of MAC Lung Infection as factors in the model with multiple imputation for missing data. ARIKAYCE

ARISE: For Those Who Achieved Culture Conversion, Patients in ARIKAYCE Arm Converted Faster ALIS: amikacin liposome inhalation suspension | AZI: azithromycin | ELC: empty liposome control | ETH: ethambutol ~74% of converters on ARIKAYCE achieved clinical conversion at the first possible time point (Month 2) vs. ~47% for the control arm ARIKAYCE

ALIS+AZI+ETH (N=48) Culture Converted by Month 6 Not Culture Converted by Month 6 Difference Change in QoL-B Resp. Score (Baseline to Month 7) +15.74 +3.53 +12.21 (95% Confidence Interval) (+11.45, +20.03) (-5.34, +12.41) (+2.33, +22.08) p-value 0.0167 Culture Converted by Month 7 Not Culture Converted by Month 7 Difference Change in QoL-B Resp. Score (Baseline to Month 7) +14.89 +4.50 +10.39 (95% Confidence Interval) (+10.47, +19.31) (-4.40, +13.40) (+0.42, +20.37) p-value 0.0416 ARISE: Correlation Shown Between Culture Conversion and QoL-B Respiratory Score Changes in ARIKAYCE Arm ALIS: amikacin liposome inhalation suspension | AZI: azithromycin | ETH: ethambutol | LS: least-squares; QoL-B: Quality of Life-Bronchiectasis Respiratory Domain questionnaire ANCOVA model includes change from baseline as the response variable and baseline Resp Score, and culture conversion status as independent variables using observed data. ARIKAYCE

ALIS+AZI+ETH N=48 ELC+AZI+ETH N=51 Total N=99 Study completion (%) 44 (91.7) 48 (94.1) 92 (92.9) Treatment completion with all 3 drugs (%) 35 (72.9) 47 (92.2) 82 (82.8) Early ALIS/ELC discontinuation (%) 11 (22.9) 4 (7.8) 15 (15.2) Any TEAE (%) 44 (91.7) 41 (80.4) 85 (85.9) Dysphonia (%) 20 (41.7) 2 (3.9) 22 (22.2) Cough (%) 13 (27.1) 4 (7.8) 17 (17.2) Diarrhea (%) 13 (27.1) 13 (25.5) 26 (26.3) COVID-19 (%) 6 (12.5) 5 (9.8) 11 (11.1) # Participants with Serious TEAE (%) 7 (14.6) 3 (5.9) 10 (10.1) ARISE: No New or Unexpected Safety Signals in ARISE ALIS: amikacin liposome inhalation suspension | AZI: azithromycin | ELC: empty liposome control | ETH: ethambutol | TEAE: treatment-emergent adverse event; EAR: exposure adjusted incidence rate All serious TEAEs unrelated to ARIKAYCE ARIKAYCE

ASPEN: Annualized Rate of Adjudicated Pulmonary Exacerbations Over 52 Weeks a Exacerbations were adjudicated events in the ITT analysis set analyzed using a negative binomial model b P value is statistically significant when adjusted for multiplicity control c See Appendix for subgroup analysis |

          ITT=intention-to-treat  Annualized rate of exacerbationsa  21.1% Risk reduction  19.4% Risk reduction  Brensocatib 10 mgn=583  Brensocatib 25 mgn=575  Rate ratio vs. placebo  \(95% CI\)   0.789  \(0.680–0.916\)  0.806  \(0.694–0.936\)  P
          value  0.0019b  0.0046b  Primary endpoint  Risk Reduction Consistent Across Nearly All Pre-specified Subgroupsc  Brensocatib

ASPEN: Change From Baseline in Post-Bronchodilator FEV1 at Week 52 a % Predicted FEV1 analyzed using a linear repeated measures model in the ITT analysis set. b P value is statistically significant when adjusted for multiplicity controlc See Appendix for subgroup analysis BD=bronchodilator | FEV1=forced expiratory volume in 1 second | ITT=intention-to-treat | LS=least squares Secondary endpoint Brensocatib 25 mg showed a 38 mL less FEV1 decline vs. placebo (with similar results observed across all prespecified subgroupsc) Brensocatib 10 mg Brensocatib 25 mg Placebo LS mean change from baseline to week 52 in post-BD FEV1 (mL) −50 −24 −62 LS mean difference vs placebo in post-BD FEV1 (mL) 11 38 – P value vs placebo 0.3841 0.0054b – LS mean (SE) change from baseline in post-BD FEV1, mLa 1 16 28 40 52 Week 0 −20 −40 −60 579 545 529 513 475 571 529 523 494 487 563 522 513 494 468 Brensocatib 10 mg Brensocatib 25 mg Placebo Placebo Brensocatib 25 mg Brensocatib 10 mg Number of patients with observation Brensocatib

ASPEN: Change From Baseline in QoL-B Respiratory Symptom Domain Score at Week 52 a Adult patients only. b P value vs placebo calculated using a linear repeated measures model in the ITT analysis set. c Nominally significant P value.LS=least squares | QoL-B RSS=Quality of Life-Bronchiectasis Questionnaire Respiratory Symptom Domain score. Secondary endpoint Brensocatib 25 mg showed a nominally significant improvement in QoL-B RSS of 3.8 points vs placebo Brensocatib 10 mg Brensocatib 25 mg Placebo LS mean change from baseline to week 52 in QoL-B RSS 6.841 8.575 4.809 LS mean difference vs placebo in QoL-B RSS 2.031 3.766 – P value vs placebob 0.0594 0.0004c – 1 4 8 12 16 20 24 28 32 36 40 44 48 52 0 2 4 6 8 LS mean (SE) change from baseline in QoL-B RSS 488 473 463 456 453 450 446 443 418 418 435 423 416 381 497 476 464 459 454 456 442 446 434 438 432 426 423 394 487 457 459 452 448 437 421 434 428 411 408 405 399 366 Placebo Brensocatib 25 mg Brensocatib 10 mg Number of patients with observationa Brensocatib 10 mg Brensocatib 25 mg Placebo Week Brensocatib

ASPEN: TEAEs and Treatment Discontinuations Were Comparable in Brensocatib and Placebo Arms TEAE=treatment-emergent adverse event * As reported by study investigators Brensocatib 10 mgn=582 Brensocatib 25 mgn=574 Placebon=563 Any TEAE, n (%) 452 (77.7) 440 (76.7) 448 (79.6) Severe TEAE, n (%) 74 (12.7) 67 (11.7) 90 (16.0) Serious TEAE, n (%) 101 (17.4) 97 (16.9) 108 (19.2) TEAE leading to death, n (%) 3 (0.5) 4 (0.7) 7 (1.2) TEAE leading to treatment discontinuation, n (%) 25 (4.3) 22 (3.8) 23 (4.1) TEAEs of special interest*, n (%) 42 (7.2) 56 (9.8) 53 (9.4) Hyperkeratosis, n (%) 8 (1.4) 17 (3.0) 4 (0.7) Periodontal/gingival event, n (%) 8 (1.4) 12 (2.1) 15 (2.7) Severe infection, n (%) 4 (0.7) 7 (1.2) 4 (0.7) Pneumonia, n (%) 23 (4.0) 27 (4.7) 33 (5.9) Rates of TEAEs of Special Interest* Were Comparable Between Treatment Arms and Placebo Brensocatib

ASPEN: Change From Baseline in Post-Bronchodilator FVC at Week 52 Brensocatib aFVC analyzed using a linear repeated measures model in the ITT analysis set. bNominally significant P value.BD=bronchodilator; FVC=forced vital capacity; ITT=intention-to-treat; LS=least squares. Exploratory endpoint Brensocatib 10 mg Brensocatib 25 mg Placebo LS mean change from baseline to week 52 in post-BD FVC (mL) -51 -12 -87 LS mean difference vs placebo in post-BD FVC (mL) 36 75 – P value vs placebo 0.0331b <0.0001b – Placebo Brensocatib 25 mg Brensocatib 10 mg Number of patients with observation 545 529 513 475 529 523 494 487 522 513 494 468 579 571 563 1 16 28 40 52 20 0 −40 −80 Brensocatib 10 mg Brensocatib 25 mg Placebo −100 −20 −60 LS mean (SE) change from baseline in post-BD FVC, mLa Week

ASPEN: Change From Baseline in Average Daily BEST Score Brensocatib a Average daily change in the BEST score analyzed with an analysis of covariance model in adult patients in the ITT analysis set. | b Nominally significant P value.BEST, Bronchiectasis Exacerbation and Symptoms Tool. Exploratory endpoint Brensocatib 10 mg Brensocatib 25 mg Placebo LS mean change from baseline in 52-week average daily BEST score −0.594 −0.999 −0.426 LS mean difference vs placebo in BEST score −0.168 −0.572 – P value vs placebo 0.1696 <0.0001b – Mean change from baseline in BEST scorea Week Number of patients with observationa Placebo Brensocatib 25 mg Brensocatib 10 mg 558 553 555 547 544 534 528 520 515 506 504 505 497 488 557 552 542 540 534 529 517 520 522 513 507 505 499 494 549 549 541 534 527 520 517 508 505 499 493 490 485 477 1 4 8 12 16 20 24 28 32 36 40 44 48 52 −1.5 −1.0 −0.5 0.0 Brensocatib

          10 mg   Brensocatib 25 mg   Placebo

Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Overall 583 (100.0) 575 (100.0) 563 (100.0) 0.79 (0.68-0.92) 0.81 (0.69-0.94) Age 12 to <18 years 17 (2.9) 16 (2.8) 8 (1.4) 0.41 (0.11-1.58) 0.73 (0.20-2.68) 18 to <65 years 289 (49.6) 257 (44.7) 295 (52.4) 0.81 (0.66-0.99) 0.70 (0.57-0.86) ≥65 years 277 (47.5) 302 (52.5) 260 (46.2) 0.79 (0.63-0.99) 0.93 (0.74-1.15) <75 years 500 (85.8) 491 (85.4) 470 (83.5) 0.81 (0.69-0.95) 0.79 (0.68-0.93) ≥75 years 83 (14.2) 84 (14.6) 93 (16.5) 0.61 (0.40-0.94) 0.89 (0.59-1.34) ≥18 years 566 (97.1) 559 (97.2) 555 (98.6) 0.80 (0.69-0.93) 0.80 (0.69-0.93) Sex Female 385 (66.0) 360 (62.6) 362 (64.3) 0.81 (0.68-0.96) 0.83 (0.70-1.00) Male 198 (34.0) 215 (37.4) 201 (35.7) 0.75 (0.57-0.99) 0.75 (0.57-0.98) Race American Indian or Alaska Native 8 (1.4) 6 (1.0) 9 (1.6) NE NE Asian 63 (10.8) 64 (11.1) 64 (11.4) 0.40 (0.23-0.67) 0.41 (0.24-0.70) Black or African American 2 (0.3) 5 (0.9) 3 (0.5) NE NE Native Hawaiian or Other Pacific Islander 1 (0.2) 0 (0.0) 1 (0.2) NE NE White 431 (73.9) 430 (74.8) 405 (71.9) 0.79 (0.67-0.94) 0.79 (0.67-0.93) Othera 15 (2.6) 13 (2.3) 11 (2.0) NE NE Ethnicity Hispanic or Latino 177 (30.4) 164 (28.5) 170 (30.2) 0.94 (0.70-1.26) 0.92 (0.69-1.24) Not Hispanic or Latino 391 (67.1) 397 (69.0) 373 (66.3) 0.73 (0.61-0.87) 0.77 (0.64-0.92) Number of PEs in prior 12 months 2 411 (70.5) 412 (71.7) 396 (70.3) 0.73 (0.60-0.89) 0.78 (0.65-0.95) ≥3 172 (29.5) 163 (28.3) 167 (29.7) 0.89 (0.72-1.11) 0.85 (0.67-1.07) PE=pulmonary exacerbationaOther races were Asian/Maori, Australian Aboriginal, Brown Race, Latin, Latino, Maori, Mestizo, Mexican, mixed, mixed race, New Zealand Maori, other mixed, and Puerto Rican. Metersky ML, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3186. 0.1 1 Brensocatib 10 mg better Placebo better 10 0.1 1 Brensocatib 25 mg better Placebo better 10 ASPEN: Annualized Rate of Adjudicated Pulmonary Exacerbations Over 52 Weeks Among Prespecified Subgroups (1 of 3) Brensocatib

Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Chronic use of antibiotics Yes 146 (25.0) 154 (26.8) 133 (23.6) 0.76 (0.59-0.97) 0.74 (0.57-0.96) No 437 (75.0) 421 (73.2) 430 (76.4) 0.80 (0.66-0.96) 0.82 (0.68-0.98) Maintenance use of macrolides Yes 110 (18.9) 114 (19.8) 105 (18.7) 0.79 (0.58-1.06) 0.79 (0.58-1.08) No 473 (81.1) 461 (80.2) 458 (81.3) 0.78 (0.66-0.93) 0.80 (0.67-0.95) P. aeruginosa colonization status Positive 203 (34.8) 205 (35.7) 199 (35.3) 0.75 (0.59-0.95) 0.88 (0.70-1.10) Negative 380 (65.2) 370 (64.3) 364 (64.7) 0.81 (0.67-0.98) 0.77 (0.64-0.94) BSI score ≤4 136 (23.3) 150 (26.1) 148 (26.3) 0.77 (0.55-1.07) 0.69 (0.50-0.95) 5-8 275 (47.2) 239 (41.6) 220 (39.1) 0.71 (0.56-0.89) 0.77 (0.60-0.97) ≥9 168 (28.8) 182 (31.7) 195 (34.6) 0.92 (0.72-1.17) 0.92 (0.73-1.17) <Median 286 (49.1) 278 (48.3) 275 (48.8) 0.77 (0.61-0.97) 0.74 (0.59-0.92) ≥Median 293 (50.3) 293 (51.0) 288 (51.2) 0.80 (0.66-0.97) 0.86 (0.70-1.04) BE-CT score <Median 274 (47.0) 273 (47.5) 255 (45.3) 0.78 (0.62-0.98) 0.91 (0.73-1.14) ≥Median 309 (53.0) 302 (52.5) 308 (54.7) 0.81 (0.67-0.98) 0.74 (0.61-0.91) Post-BD FEV1 (% predicted) <50% 101 (17.3) 102 (17.7) 98 (17.4) 1.01 (0.70-1.46) 1.23 (0.86-1.75) ≥50% 478 (82.0) 469 (81.6) 465 (82.6) 0.74 (0.62-0.87) 0.72 (0.61-0.85) BD=bronchodilator; BE-CT=bronchiectasis computed tomography; BSI=Bronchiectasis Severity Index; FEV1=forced expiratory volume in 1 second Metersky ML, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3186. 0.1 1 Brensocatib 10 mg better Placebo better 10 0.1 1 Brensocatib 25 mg better Placebo better 10 ASPEN: Annualized Rate of Adjudicated Pulmonary Exacerbations Over 52 Weeks Among Prespecified Subgroups (2 of 3) Brensocatib

COPD=chronic obstructive pulmonary disease; PE=pulmonary exacerbationbIncludes the United States and Canada. cIncludes Austria, Belgium, Bulgaria, Denmark, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Latvia, Netherlands, Poland, Portugal, Serbia, Slovakia, Spain, Turkey, and United Kingdom. dIncludes Argentina, Australia, Brazil, Chile, Colombia, Korea (the Republic of), Malaysia, Mexico, New Zealand, Peru, Taiwan, and Thailand. eIncludes Argentina, Brazil, Chile, Colombia, Mexico, and Peru. fIncludes Bulgaria, Greece, Hungary, Latvia, Poland, Serbia, Slovakia, and Turkey. gIncludes Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, United Kingdom, and United States. hIncludes Israel, Japan, Korea (the Republic of), Malaysia, Taiwan, and Thailand. iIncludes Australia and New Zealand. Metersky ML, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3186. Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 10 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Brensocatib 25 mg Rate ratio (95% CI) Stratification region North Americab 84 (14.4) 83 (14.4) 81 (14.4) 0.66 (0.45-0.97) 0.83 (0.59-1.18) Europec 231 (39.6) 221 (38.4) 221 (39.3) 0.90 (0.72-1.14) 0.86 (0.70-1.08) Japan 30 (5.1) 28 (4.9) 29 (5.2) 0.37 (0.16-0.87) 0.32 (0.14-0.75) Rest of Worldd 238 (40.8) 243 (42.3) 232 (41.2) 0.79 (0.63-0.99) 0.83 (0.65-1.06) Geographic region South Americae 174 (29.8) 157 (27.3) 157 (27.9) 0.91 (0.68-1.23) 0.92 (0.67-1.26) Eastern Europef 75 (12.9) 68 (11.8) 72 (12.8) 0.54 (0.29-0.99) 0.62 (0.35-1.08) Western countriesg 216 (37.0) 205 (35.7) 201 (35.7) 0.86 (0.70-1.07) 0.86 (0.69-1.06) Asian countriesh 81 (13.9) 91 (15.8) 88 (15.6) 0.62 (0.41-0.94) 0.62 (0.41-0.94) Oceaniai 37 (6.3) 54 (9.4) 45 (8.0) 0.79 (0.54-1.17) 0.77 (0.51-1.18) Blood eosinophil count ≥300/mm3 115 (19.7) 111 (19.3) 106 (18.8) 0.72 (0.52-0.99) 0.86 (0.62-1.20) <300/mm3 465 (79.8) 461 (80.2) 452 (80.3) 0.81 (0.68-0.95) 0.79 (0.67-0.94) Smoking status Former smoker 164 (28.1) 163 (28.3) 183 (32.5) 0.83 (0.64-1.07) 0.75 (0.58-0.97) Never smoked 419 (71.9) 412 (71.7) 380 (67.5) 0.78 (0.65-0.93) 0.84 (0.70-1.01) Use of inhaled steroids Yes 324 (55.6) 324 (56.3) 352 (62.5) 0.83 (0.69-0.99) 0.76 (0.63-0.92) No 259 (44.4) 251 (43.7) 211 (37.5) 0.78 (0.60-1.01) 0.93 (0.73-1.20) History of asthma Yes 101 (17.3) 109 (19.0) 111 (19.7) 0.96 (0.71-1.30) 0.99 (0.72-1.34) No 482 (82.7) 466 (81.0) 452 (80.3) 0.75 (0.63-0.89) 0.76 (0.64-0.90) History of COPD Yes 77 (13.2) 83 (14.4) 102 (18.1) 0.70 (0.44-1.13) 0.81 (0.56-1.18) No 506 (86.8) 492 (85.6) 461 (81.9) 0.80 (0.68-0.93) 0.80 (0.68-0.95) Hospitalized in prior 24 months for PE Yes 146 (25.0) 133 (23.1) 142 (25.2) 0.89 (0.68-1.16) 0.81 (0.61-1.07) No 437 (75.0) 442 (76.9) 421 (74.8) 0.76 (0.63-0.90) 0.81 (0.68-0.96) 0.1 1 Brensocatib 10 mg better Placebo better 10 0.1 1 Brensocatib 25 mg better Placebo better 10 ASPEN: Annualized Rate of Adjudicated Pulmonary Exacerbations Over 52 Weeks Among Prespecified Subgroups (3 of 3) Brensocatib

Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg LS mean difference (95% CI) Brensocatib 10 mgLS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Overall 583 (100.0) 575 (100.0) 563 (100.0) 11 (–14 to 37) 38 (11 to 65) Age 12 to <18 years 17 (2.9) 14 (2.4) 8 (1.4) 287 (–134 to 707) 324 (–96 to 745) 18 to <65 years 281 (48.2) 243 (42.3) 280 (49.7) –4 (–43 to 35) 31 (–11 to 74) ≥65 years 266 (45.6) 294 (51.1) 251 (44.6) 21 (–12 to 55) 42 (9 to 75) <75 years 482 (82.7) 470 (81.7) 448 (79.6) 10 (–19 to 39) 40 (10 to 70) ≥75 years 82 (14.1) 81 (14.1) 91 (16.2) 23 (–35 to 80) 29 (–26 to 83) ≥18 years 547 (93.8) 537 (93.4) 531 (94.3) 8 (–18 to 34) 36 (10 to 63) Sex Female 371 (63.6) 342 (59.5) 347 (61.6) –3 (–32 to 26) 32 (2 to 62) Male 193 (33.1) 209 (36.3) 192 (34.1) 42 (–9 to 94) 50 (–1 to 102) Race American Indian or Alaska Native 8 (1.4) 6 (1.0) 8 (1.4) 256 (–233 to 746) 256 (34 to 478) Asian 63 (10.8) 63 (11.0) 58 (10.3) 18 (–27 to 63) 69 (24 to 114) Black or African American 1 (0.2) 5 (0.9) 2 (0.4) NE NE Native Hawaiian or Other Pacific Islander 1 (0.2) 0 (0.0) 1 (0.2) NE NE White 416 (71.4) 409 (71.1) 392 (69.6) 11 (–19 to 40) 27 (–4 to 58) Othera 14 (2.4) 13 (2.3) 10 (1.8) 30 (–118 to 178) 152 (–96 to 399) Ethnicity Hispanic or Latino 171 (29.3) 156 (27.1) 164 (29.1) 19 (–36 to 75) 29 (–26 to 84) Not Hispanic or Latino 378 (64.8) 382 (66.4) 355 (63.1) 6 (–23 to 35) 40 (9 to 70) Number of PEs in prior 12 months 2 395 (67.8) 392 (68.2) 375 (66.6) 11 (–21 to 44) 38 (7 to 70) ≥3 169 (29.0) 159 (27.7) 164 (29.1) 12 (–30 to 55) 35 (–16 to 87) FEV1=forced expiratory volume in 1 second; LS=least squares; PE=pulmonary exacerbationa Other races were Asian/Maori, Australian Aboriginal, Brown Race, Latin, Latino, Maori, Mestizo, Mexican, mixed, mixed race, New Zealand Maori, other mixed, and Puerto Rican. Aksamit TR, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3185. Placebo better Brensocatib 10 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 Placebo better Brensocatib 25 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 ASPEN: Change From Baseline in Post-Bronchodilator FEV1 at Week 52 Among Prespecified Subgroups (1 of 3) Brensocatib

Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg LS mean difference (95% CI) Brensocatib 10 mgLS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Chronic use of antibiotics Yes 141 (24.2) 147 (25.6) 128 (22.7) –22 (–75 to 30) 40 (–9 to 89) No 423 (72.6) 404 (70.3) 411 (73.0) 22 (–8 to 52) 37 (5 to 68) Maintenance use of macrolides Yes 106 (18.2) 110 (19.1) 104 (18.5) –15 (–70 to 39) 44 (–16 to 104) No 458 (78.6) 441 (76.7) 435 (77.3) 17 (–12 to 47) 35 (2 to 73) P. aeruginosa colonization status Positive 199 (34.1) 194 (33.7) 190 (33.7) 4 (–32 to 39) 40 (2 to 78) Negative 365 (62.6) 357 (62.1) 349 (62.0) 16 (–19 to 51) 37 (2 to 73) BSI score ≤4 131 (22.5) 144 (25.0) 144 (25.6) –7 (–68 to 54) 23 (–33 to 80) 5-8 270 (46.3) 231 (40.2) 208 (36.9) 23 (–15 to 61) 22 (–17 to 60) ≥9 163 (28.0) 176 (30.6) 187 (33.2) 17 (–22 to 56) 74 (28 to 121) <Median 277 (47.5) 268 (46.6) 261 (46.4) 0 (–40 to 40) 18 (–21 to 58) ≥Median 287 (49.2) 283 (49.2) 278 (49.4) 26 (–8 to 59) 58 (22 to 94) BE-CT score <Median 266 (45.6) 261 (45.4) 249 (44.2) 8 (–33 to 50) 30 (–13 to 72) ≥Median 298 (51.1) 290 (50.4) 290 (51.5) 17 (–15 to 49) 48 (15 to 81) Post-BD FEV1 (% predicted) <50% 98 (16.8) 96 (16.7) 92 (16.3) –10 (–60 to 40) 32 (–23 to 87) ≥50% 466 (79.9) 455 (79.1) 447 (79.4) 16 (–13 to 46) 39 (9 to 69) BD=bronchodilator; BE-CT=bronchiectasis computed tomography; BSI=Bronchiectasis Severity Index; FEV1=forced expiratory volume in 1 second; LS=least squares Aksamit TR, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3185. Placebo better Brensocatib 10 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 Placebo better Brensocatib 25 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 ASPEN: Change From Baseline in Post-Bronchodilator FEV1 at Week 52 Among Prespecified Subgroups (2 of 3) Brensocatib

COPD=chronic obstructive pulmonary disease; FEV1=forced expiratory volume in 1 second; LS=least squares; PE=pulmonary exacerbationbIncludes the United States and Canada. cIncludes Austria, Belgium, Bulgaria, Denmark, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Latvia, Netherlands, Poland, Portugal, Serbia, Slovakia, Spain, Turkey, and United Kingdom. dIncludes Argentina, Australia, Brazil, Chile, Colombia, Korea (the Republic of), Malaysia, Mexico, New Zealand, Peru, Taiwan, and Thailand. eIncludes Argentina, Brazil, Chile, Colombia, Mexico, and Peru. fIncludes Bulgaria, Greece, Hungary, Latvia, Poland, Serbia, Slovakia, and Turkey. gIncludes Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, United Kingdom, and United States. hIncludes Israel, Japan, Korea (the Republic of), Malaysia, Taiwan, and Thailand. iIncludes Australia and New Zealand. Aksamit TR, et al. CHEST Annual Meeting, Boston, MA, USA, October 6-9, 2024. Poster 3185. Subgroup Brensocatib 10 mg (N=583) n (%) Brensocatib 25 mg (N=575) n (%) Placebo (N=563) n (%) Brensocatib 10 mg LS mean difference (95% CI) Brensocatib 10 mgLS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Brensocatib 25 mg LS mean difference (95% CI) Stratification region North Americab 79 (13.6) 81 (14.1) 75 (13.3) 20 (–44 to 85) 77 (–5 to 159) Europec 223 (38.3) 211 (36.7) 214 (38.0) 5 (–36 to 46) 35 (–8 to 78) Japan 30 (5.1) 28 (4.9) 29 (5.2) 47 (–20 to 115) 97 (32 to 162) Rest of Worldd 232 (39.8) 231 (40.2) 221 (39.3) 11 (–32 to 54) 20 (–20 to 60) Geographic region South Americae 169 (29.0) 149 (25.9) 151 (26.8) 10 (–46 to 67) 13 (–41 to 66) Eastern Europef 74 (12.7) 65 (11.3) 67 (11.9) 48 (–23 to 120) 41 (–50 to 131) Western countriesg 206 (35.3) 196 (34.1) 193 (34.3) 1 (–42 to 44) 56 (8 to 104) Asian countriesh 79 (13.6) 90 (15.7) 84 (14.9) –1 (–44 to 42) 39 (–4 to 82) Oceaniai 36 (6.2) 51 (8.9) 44 (7.8) 28 (–51 to 108) 32 (–44 to 109) Blood eosinophil count ≥300/mm3 110 (18.9) 110 (19.1) 101 (17.9) 0 (–57 to 57) 43 (–24 to 110) <300/mm3 452 (77.5) 438 (76.2) 434 (77.1) 16 (–13 to 46) 37 (7 to 66) Smoking status Former smoker 159 (27.3) 159 (27.7) 177 (31.4) 11 (–33 to 55) 51 (8 to 93) Never smoked 405 (69.5) 392 (68.2) 362 (64.3) 12 (–20 to 44) 33 (–1 to 66) Use of inhaled steroids Yes 314 (53.9) 312 (54.3) 337 (59.9) 13 (–21 to 47) 41 (6 to 76) No 250 (42.9) 239 (41.6) 202 (35.9) 10 (–29 to 49) 37 (–4 to 78) History of asthma Yes 96 (16.5) 105 (18.3) 106 (18.8) –23 (–89 to 42) 24 (–41 to 90) No 468 (80.3) 446 (77.6) 433 (76.9) 20 (–8 to 48) 42 (12 to 71) History of COPD Yes 77 (13.2) 80 (13.9) 96 (17.1) 10 (–45 to 65) 39 (–12 to 90) No 487 (83.5) 471 (81.9) 443 (78.7) 10 (–19 to 39) 37 (7 to 67) Hospitalized in prior 24 months for PE Yes 141 (24.2) 130 (22.6) 134 (23.8) 58 (4 to 113) 110 (53 to 166) No 423 (72.6) 421 (73.2) 405 (71.9) –3 (–32 to 26) 15 (–15 to 44) Placebo better Brensocatib 10 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 Placebo better Brensocatib 25 mg better -300 -200 -100 0 100 200 300 400 500 600 700 800 ASPEN: Change From Baseline in Post-Bronchodilator FEV1 at Week 52 Among Prespecified Subgroups (3 of 3) Brensocatib

TPIP showed substantially lower Cmaxand longer half-life Supports the potential for improved tolerability, efficacy and convenience Safety profile was generally well tolerated, AEs were mild and consistent with inhaled prostanoid Tolerability was improved with an up-titration approach Findings suggest TPIP may be safely dosed at nominal doses far in excess of Tyvaso PK supports development of TPIP with once daily dosing TPIP showed substantially lower Cmax and longer half-life than that of Tyvaso Future studies would use an up-titration dosing schedule to the maximum individual tolerated dose exceeding 600 µg once daily TPIP TPIP Phase 1 Study: Key Takeaways TPIP=treprostinil palmitil inhalation powder; AES=adverse events; Cmax=highest concentration of a drug in blood, fluid, or target organ after dosing; PK=pharmacokinetics

TPIP TPIP: Change From Baseline in Small and Large Blood Vessels aEffect size was calculated as a percentage of the treatment effect divided by the placebo arm baseline mean. SD=standard deviation; TPIP=treprostinil palmitil inhalation powder; BV5A=volume of pulmonary arteries smaller than 5 mm2 in cross-sectional area; BV10A=volume of pulmonary arteries larger than 10 mm2 in cross-sectional area There was a consistent increase of blood volume in small arteries observed with TPIP vs. placebo Baseline, mean (SD) Change from baseline, % Effect size,a % P value TPIP(n=9) Placebo(n=5) TPIP(n=9) Placebo(n=5) BV5A (mL) volume of pulmonary arteries <5 mm2 19.5 (7.3) 33.6 (21.1) +14.0 –7.5 +13.0 0.24 BV5A PR (%) volume of small arteries (<5 mm2) as a fraction of total pulmonary vessel volume 24.1 (5.0) 27.6 (8.2) +8.4 –5.5 +13.7 0.02 BV5A PRA (%) volume of small arteries (<5 mm2) as a fraction of total pulmonary artery volume 44.4 (8.1) 47.1 (13.2) +8.0 –3.8 +13.6 0.05 BV10A (mL) volume of pulmonary arteries >10 mm2 11.9 (6.5) 15.8 (6.4) –7.1 +16.3 –25.7 0.14 BV10A PR (%) volume of large arteries (>10 mm2) as a fraction of total pulmonary vessel volume 14.0 (4.3) 14.6 (5.2) –10.8 +16.4 –23.2 0.08 BV10A PRA (%) volume of large arteries (>10 mm2) as a fraction of total pulmonary artery volume 25.7 (7.0) 25.0 (8.5) –12.0 +18.7 –24.8 0.07 BV5A:BV10A RATIO 2.0 (1.1) 2.6 (2.5) +31.4 –10.5 +49.4 0.17 Lung imaging results from the Phase 2 PH-ILD study

TPIP TPIP: Change From Baseline in High Attenuation Abnormality Scorea bThe HAA score is expressed as a percentage of total lung volume. cEffect size was calculated as a percentage of the treatment effect divided by the placebo arm baseline mean. HAA=high-attenuation abnormality; SD=standard deviation; TPIP=treprostinil palmitil inhalation powder A numerical decrease from baseline in the HAA score observed with TPIP and slight increase with placebo aA deep-learning algorithm was trained to distinguish between patches of voxels from scans of subjects with IPF and healthy subjects using automatically extracted high-attenuation textural features, excluding segmented blood vessels and airway walls, and to output a probability that a given patch is "fibrotic.” The algorithm is applied to overlapping patches, calculating the attenuation probability for a given voxel as an average probability of all the patches which cover that voxel. The HAA score is that volume of high-attenuation voxels with a greater than 50% chance of being "fibrotic.“ Change from baseline, mean (SD) Effect size,c % P value TPIP (n=9) Placebo (n=5) HAA score,b % –0.7 (2.7) 0.3 (1.8) –10.5 0.54 Lung imaging results from the Phase 2 PH-ILD study

Color indicates vessel size. Small vessels with cross-sectional area (CSA) <5 mm2 are colored in red (●), vessels with CSA 5-10 mm2 – in yellow (●), and CSA >10 mm2 – in blue (●). Parameters indicated as BV5 and BV10 represent the total volume of vessels with CSA <5 mm2 and >10 mm2, respectively. Note the increase of small vessels colored in red (●) in patients treated with TPIP at week 16, compared with placebo. TPIP TPIP: FRI in Representative Patients Treated with TPIP (A) vs. Placebo (B) TPIP treatment resulted in a significant increase in the fraction of blood volume in small arteries and a directional improvement in small-to-large artery volume ratio versus placebo Results suggestive of small vessel vasodilation and improved pulmonary arteriole recruitment A numerical decrease in HAA score was observed with TPIP Limitations included the small sample size, which may limit the generalizability of the results and may increase the risk of random variation Further evaluation of FRI in a larger trial may provide additional insights and support the strength and potential increased generalizability of these findings FRI=functional respiratory imaging; CSA=cross-sectional area; BV5A=volume of pulmonary arteries smaller than 5 mm2 in cross-sectional area; BV10A=volume of pulmonary arteries larger than 10 mm2 in cross-sectional area; TPIP=treprostinil palmitil inhalation powder; HAA=high-attenuation abnormality TPIP Change from baseline, mL (%) BV5A:BV10A RATIO +0.45 (+29.7%) Placebo Change from baseline, mL (%) BV5A:BV10A RATIO -0.11 (-8%) TPIP (A) Placebo (B) Lung imaging results from the Phase 2 PH-ILD study

Epidemiological Footnotes (1 of 3) 1. Internal analysis of published NTM epidemiology, including internal market research and US patient level claims data analysis: Jennifer Adjemian, Kenneth N Olivier, Amy E Seitz, Steven M Holland, D Rebecca Prevots: Prevalence of nontuberculous mycobacterial lung disease in U.S. Medicare beneficiaries Am J Respir Crit Care Med. 2012 Apr 15; 185(8):881-6 DOI: 10.1164/rccm.201111-2016OC Jennifer Adjemian, D Rebecca Prevots, Jack Gallagher, Kylee Heap, Renu Gupta, David Griffith: Lack of adherence to evidence-based treatment guidelines for nontuberculous mycobacterial lung disease Ann Am Thorac Soc. 2014 Jan; 11(1): 9–16 DOI: 10.1513/AnnalsATS.201304-085OC Sara E. Strollo , Jennifer Adjemian, Michael K. Adjemian, and D. Rebecca Prevots: The Burden of Pulmonary Nontuberculous Mycobacterial Disease in the United States Ann Am Thorac Soc Vol 12, No 10, pp 1458–1464, Oct 2015 DOI: 10.1513/AnnalsATS.201503-173OC https://www.kff.org/medicare/state-indicator/total-medicare-beneficiaries/?currentTimeframe=0&sortModel=%7B%22colId%22:%22Location%22,%22sort%22:%22asc%22%7D Felix C. Ringshausen, Dirk Wagner, Andrés de Roux, Roland Diel, David Hohmann, Lennart Hickstein, Tobias Welte, Jessica Rademacher: Prevalence of Nontuberculous Mycobacterial Pulmonary Disease, Germany, 2009–2014 Emerging Infectious Diseases • www.cdc.gov/eid • Vol. 22, No. 6, June 2016 DOI: http://dx.doi.org/10.3201/eid2206.151642 Jonathan E Moore, Michelle E Kruijshaar, L Peter Ormerod, Francis Drobniewski , Ibrahim Abubakar: Increasing reports of non-tuberculous mycobacteria in England, Wales and Northern Ireland, 1995-2006 BMC Public Health 2010, 10:612 http://www.biomedcentral.com/1471-2458/10/612 Hoefsloot, Van Ingen et al, The geographic diversity of nontuberculous mycobacteria isolated from pulmonary samples, AN NTM-NET collaborative study; 2013, European Respiratory Journal 2013 42: 1604-1613; DOI: 10.1183/09031936.00149212 Kozo Morimoto , Kazuro Iwai , Kazuhiro Uchimura , Masao Okumura , Takashi Yoshiyama , Kozo Yoshimori, Hideo Ogata , Atsuyuki Kurashima , Akihiko Gemma, and Shoji Kudoh: A Steady Increase in Nontuberculous Mycobacteriosis Mortality and Estimated Prevalence in Japan Ann Am Thorac Soc Vol 11, No 1, pp 1–8, Jan 2014, DOI: 10.1513/AnnalsATS.201303-067OC 2. Internal analysis of published BE epidemiology, including internal market research and US patient level claims data analysis: Weycker, et al. Prevalence and incidence of NCFBE among US adults in 2013. Chronic Respiratory Disease. 2017 BE Patient Level Claims Data Analysis. Source: swoop/ipm.ai Trinity Epidemiology Assessment; 2020 (for Japan epi) Ringausen et al 2019 Growth (Germany) Aliberti 2016; quality standards for the management of bronchiectasis in Italy Snell et al. United Kingdom; 2019 Internal Insmed NCFBE market sizing EU5 report 3. Internal analysis and estimations based on internal market research and US patient level claims data analysis: Insmed Analysis 2022: Potential Undiagnosed or Misdiagnosed (with COPD, Asthma) BE patients in US estimated based on Medical Experts driven insights, applied to Patient Level Claims Data -using advanced analytics / statistical methods Potential Undiagnosed or Co-morbid (with COPD) BE patients in US derived based on internal Insmed meta-analysis of 16 epi studies that look at BE prevalence in COPD patients; Ex-US estimates are based on extrapolation of US focused claims and epi data analysis 4

Epidemiological Footnotes (2 of 3) 4. Internal analysis and estimations based on published epidemiology studies: National Health Interview Survey (NHIS) Data (2021) Alshabanat A, Zafari Z, Albanyan O, Dairi M, FitzGerald JM (2015) Asthma and COPD Overlap Syndrome (ACOS): A Systematic Review and Meta Analysis. PLoS ONE 10(9): e0136065. doi:10.1371/ journal.pone.0136065 OECD/European Union (2016), “Asthma and COPD prevalence”, in Health at a Glance: Europe 2016: State of Health in the EU Cycle, OECD Publishing, Paris. Hosseini, M., Almasi-Hashiani, A., Sepidarkish, M. et al. Global prevalence of asthma-COPD overlap (ACO) in the general population: a systematic review and meta-analysis. Respir Res 20, 229 (2019). https://doi.org/10.1186/s12931-019-1198-4 Blanco I, Diego I, Bueno P, et al. Geographic distribution of COPD prevalence in the world displayed by Geographic Information System maps. Eur Respir J 2019; 54: 1900610 [https://doi.org/ 10.1183/13993003.00610-2019]. R. de Marco et al. Eur Respir J 2012; 39:883-892. DOI: 10.1183/09031936.000611. Iwanaga T, Tohda Y. [Epidemiology of asthma in Japan]. Nihon Rinsho. 2016 Oct;74(10):1603-1608. Japanese. PMID: 30551268 Massoth L, Anderson C, McKinney KA. Asthma and Chronic Rhinosinusitis: Diagnosis and Medical Management. Med Sci (Basel). 2019 Mar 27;7(4):53. doi: 10.3390/medsci7040053. PMID: 30934800; PMCID: PMC6524348. Hashimoto S, Yoshida Y, Makita N, Sorimachi R, Sugaya S, Arita Y, Hayashi N, Tashiro N, Ichinose M. Real-World Evidence on the Diagnostic and Clinical Characteristics of Asthma in Japanese Patients with COPD: The ACO Japan Cohort Study. Int J Chron Obstruct Pulmon Dis. 2023;18:37-46 Awad MT, Sankari A. Asthma and COPD Overlap. [Updated 2023 Jun 11]. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2024 Jan-. Available from: https://www.ncbi.nlm.nih.gov/books/NBK592422/ https://www.cdc.gov/asthma/most_recent_national_asthma_data.htm https://www.cdc.gov/copd/php/case-reporting/national-trends-in-copd.html Minakata Y, Ichinose M. [Epidemiology of COPD in Japan]. Nihon Rinsho. 2011 Oct;69(10):1721-6. Japanese. PMID: 22073563 5. Internal assessment of published epidemiology and US patient level claims data analysis: Cho et. al, Chronic Rhinosinusitis without Nasal Polyps J Allergy Clin Immunol Pract. 2016 ; 4(4): 575–582. doi:10.1016/j.jaip.2016.04.015 Benjamin et. al, Clinical Characteristics of Patients with Chronic Rhinosinusitis without Nasal Polyps in an Academic Setting, J ALLERGY CLIN IMMUNOL PRACT VOLUME 7, NUMBER 3, MARCH 2019 Komodo Health: CRS patient level claims data analysis 2022 - US only, Extrapolated to Europe5 and Japan Palmer JN, Messina JC, Biletch R, Grosel K, Mahmoud RA. A cross-sectional, population-based survey of U.S. adults with symptoms of chronic rhinosinusitis. Allergy Asthma Proc. 2019 Jan 14;40(1):48-56. doi: 10.2500/aap.2019.40.4182. PMID: 30582496 6. Internal assessment of market research, published epidemiology and US patient level claims data analysis: Hidradenitis Suppurativa (HS) - Market Insights, Epidemiology, and Market Forecast Report (2019-2032). Source: DelveInsight Komodo Health: HS patient level claims data analysis 2024: Potential HS Patients (1+ HS Dx in claims history 2016-23) - US only, Extrapolated to Europe5 and Japan

Epidemiological Footnotes (3 of 3) 7. Internal assessment of published epidemiology and US patient level claims data analysis, including: Kirson, N. Y., Birnbaum, H. G., Ivanova, J. I., Waldman, T., Joish, V., & Williamson, T. (2011). Prevalence of pulmonary arterial hypertension and chronic thromboembolic pulmonary hypertension in the United States. Current Medical Research and Opinion, 27(9), 1763–1768. https://doi.org/10.1185/03007995.2011.604310 2019 National Audit of Pulmonary Hypertension Great Britain; Humbert M et al, “Pulmonary arterial hypertension in France: results from a national registry”, Feb 2006 Ling Y, Johnson MK, Kiely DG, Condliffe R, Elliot CA, Gibbs JS, Howard LS, Pepke-Zaba J, Sheares KK, Corris PA, Fisher AJ, Lordan JL, Gaine S, Coghlan JG, Wort SJ, Gatzoulis MA, Peacock AJ. Changing demographics, epidemiology, and survival of incident pulmonary arterial hypertension: results from the pulmonary hypertension registry of the United Kingdom and Ireland. Am J Respir Crit Care Med. 2012 Oct 15;186(8):790-6. doi: 10.1164/rccm.201203-0383OC. Epub 2012 Jul 12. PMID: 22798320. Escribano-Subias P, Blanco I, López-Meseguer M, Lopez-Guarch CJ, Roman A, Morales P, Castillo-Palma MJ, Segovia J, Gómez-Sanchez MA, Barberà JA; REHAP investigators. Survival in pulmonary hypertension in Spain: insights from the Spanish registry. Eur Respir J. 2012 Sep;40(3):596-603. doi: 10.1183/09031936.00101211. Epub 2012 Feb 23. PMID: 22362843. Hoeper MM, Huscher D, Pittrow D. Incidence and prevalence of pulmonary arterial hypertension in Germany. Int J Cardiol. 2016 Jan 15;203:612-3. doi: 10.1016/j.ijcard.2015.11.001. Epub 2015 Nov 9. PMID: 26580339. Humbert M, Sitbon O, Chaouat A, Bertocchi M, Habib G, Gressin V, Yaici A, Weitzenblum E, Cordier JF, Chabot F, Dromer C, Pison C, Reynaud-Gaubert M, Haloun A, Laurent M, Hachulla E, Simonneau G. Pulmonary arterial hypertension in France: results from a national registry. Am J Respir Crit Care Med. 2006 May 1;173(9):1023-30. doi: 10.1164/rccm.200510-1668OC. Epub 2006 Feb 2. PMID: 16456139. Secondary research: Japan’s Intractable Disease Database 2021 Diagnosed prevalence for PH-LHD, CTEPH and PH-Idiopathic sourced from “Patient-Based Forecast Model Pulmonary Hypertension”, Datamonitor, September 2023. 8. Internal assessment of published epidemiology, including: Andersen, C. U., Mellemkjær, S., Hilberg, O., Nielsen-Kudsk, J. E., Simonsen, U., & Bendstrup, E. (2012). Pulmonary hypertension in interstitial lung disease: prevalence, prognosis and 6 min walk test. Respiratory medicine, 106(6), 875-882. Ryu, Jay H., et al. "Pulmonary hypertension in patients with interstitial lung diseases." Mayo Clinic Proceedings. Vol. 82. No. 3. Elsevier, 2007 Duchemann et al., “Prevalence and incidence of interstitial lung diseases in a multi-ethnic county of Greater Paris.” European Respiratory Journal, 2017 Diagnosed prevalence for PH-LHD, CTEPH and PH-Idiopathic sourced from “Patient-Based Forecast Model Pulmonary Hypertension”, Datamonitor, September 2023.